Pessimistic forecast from Int Energy Agency about prospects for oil production in the Arctic

The International Energy Agency IEA believes that oil production on the Arctic shelf will in 20 years be considerably lower than a number of experts expects.

“Even though there are great expectations for the Arctic resources, the agency’s projections of oil production in the Arctic remain fairly modest: 0.11 million barrels of oil and condensate per day, that means 1.1 percent of the global production in 2035″, according a detailed overview of Russia’s energy policy. The document was created by experts at the International Energy Agency together with Russia’s energy ministry.

As the reason for the IEA`s rather pessimistic expectations about prospects for oil production in the Arctic, it is stated that there is little experience with oil projects in the Arctic region and that the offshore resources have a difficult accessibility.

Source: Russlands Stemme