Petroleum Council Publishes Arctic Oil and Gas Report

The National Petroleum Council, an oil and natural gas advisory committee to the U.S. Secretary of Energy, has published its report Arctic Potential: Realizing the Promise of U.S. Arctic Oil and Gas Resources. This report explains that

“in response to [the Secretary of the U.S. Department of Energy’s] October 25, 2013 request, the National Petroleum Council conducted a comprehensive study considering the research and technology opportunities to enable prudent development of U.S. Arctic oil and gas resources. Today, there is both increasing interest in the Arctic for economic opportunity, and concern about the future of the culture of the Arctic peoples and the environment in the face of changing climate and increased human activity. Other nations, such as Russia and China, are moving forward with Arctic economic development. Facilitating exploration and development in the U.S. Arctic would enhance national, economic, and energy security, benefit the people of the north and the U.S. as a whole, and position the U.S. to exercise global leadership. Despite these benefits, there are diverse views on how to balance this opportunity with environmental stewardship. In April 2015, the U.S. will assume chairmanship of the Arctic Council, and during 2015, the Administration will complete its first quadrennial energy review.”

This report discusses three subject areas: environmental stewardship; economic viability; and government leadership and policy coordination.

The full report is available here.

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