Thursday, June 12, 2014

Conventional Oil Exploration in the Arctic Storms Ahead

Guest blogger: Livia Wiley, SimSci Product Marketing Manager
Statoil and the government of Newfoundland and Labrador are investing almost $4 million dollars to research deepwater drilling in the Arctic. Several engineering and construction firms, including AMEC and Kvaerner will be supporting their efforts. The CBC article notes that since “Newfoundland and Labrador relies on its offshore oil sector for about one-third of provincial revenues”, it has invested heavily in these development projects in an effort to “position itself as a centre for Arctic and harsh environment expertise.” Actual drilling is still years away.

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