Russian Arctic Offshore Oil and Gas Projects: Methodological Framework for Evaluating Their Prospects
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Russian Arctic Offshore Oil and Gas Projects: Methodological Framework for Evaluating Their Prospects E. Carayannis 1 & A. Ilinova 2 & A. Chanysheva 2 Received: 31 August 2018 / Accepted: 3 April 2019/ # Springer Science+Business Media, LLC, part of Springer Nature 2019
Abstract Russia is one of the key players in the Arctic due to its significant hydrocarbon resources, and the relevance of developing its Arctic offshore deposits is obvious. However, the presence of considerable reserves of oil and gas on the Russian Arctic shelf does not guarantee the success of projects aimed at developing these deposits, since a whole group of contradictory political, macroeconomic, and other factors impacts their initiation and realization. This influence has now intensified with the current problematic macroeconomic situation in Russia, particularly in the energy sector. Furthermore, the current international political scene has a direct impact on Russia’s activities in the field of offshore projects. Economic, geopolitical, climatic, infrastructure, ecological, and other factors create uncertainty in the development of the Arctic oil and gas projects. The development of Arctic territories and shelf deposits, as part of a complex economic system, is subject to numerous disputes. The purpose of this paper is to study the prospects for the implementation of projects for the oil and gas production from offshore Arctic fields. As a result of the research, the work presents a methodology for assessing the prospects of the Arctic oil and gas offshore project which is called TESCIMP methodology. It is based on the TESCIMP analysis, a twodimensional classification of TESCIMP indicators and the algorithm for selecting TESCIMP factors used in the analysis of specific deposits and choosing one of the projects for its development as the most promising. Keywords Arctic . Oil and gas . Shelf projects . Prospects . Russia
* E. Carayannis [email protected] A. Ilinova [email protected] A. Chanysheva [email protected] Extended author information available on the last page of the article
Journal of the Knowledge Economy
Introduction The development of Arctic oil and gas resources is a critical issue. This is due to the strategic importance of hydrocarbons as well as the geopolitical significance of Arctic territory development for Russia. The development of the northern sea route, a strategically important communication channel between Russia and Europe, is currently being undertaken (Didenko and Cherenkov 2018). The Arctic shelf is one of the main reserves of hydrocarbons in the long term for both Russia and the whole world. Despite significant prospects for the Arctic offshore projects, several constraints exist as well (Nikolaeva 2017; Ampilov 2017 among many others). Many experts are critical of the rapid development of the Arctic offshore projects, justifying their opinion by the low degree of exploration of Arctic oil, and its uncompetitiveness in the market (Criticism of oil and gas projects n.d.). Additionally, shelf pro
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