The Arctic in a Global Energy Picture: International Determinants of Arctic Oil and Gas Development

The chapter assesses the prospects for Arctic oil and gas development by taking a closer look at international determinants, which have been largely overlooked so far. These international factors include global market developments, geopolitical tensions from outside the Arctic, competition with conventional and unconventional resources elsewhere and thus far neglected forms of governance including the role and bargaining power of international energy companies. With this analysis, this chapter shows the bigger picture of the Arctic’s (actual and potential) significance in global energy supply and security, and the role of global political and economic trends for Arctic energy development.