The Future of Offshore Hydrocarbon Resources: Adaptation to a New Economic Reality

A special issue of Journal of Marine Science and Engineering (ISSN 2077-1312). This special issue belongs to the section "Geological Oceanography".

Deadline for manuscript submissions: closed (1 January 2022) | Viewed by 21419

Special Issue Editors


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Guest Editor
Economics, Organization and Management Department, Saint Petersburg Mining University, Saint Petersburg, Russia
Interests: economics of mineral resources; strategic management; sustainable development; economics of CC(U)S
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Guest Editor
Luzin Institute for Economic Studies, Kola Science Centre of the Russian Academy of Sciences, Apatity, Russia
Interests: strategic management; energy economics; industrial management; economics of Arctic mineral resources; economics of CC(U)S
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

As risk and uncertainty factors have become more prominent in the already volatile energy market because of the COVID-19 pandemic, the development of Arctic hydrocarbon resources has become a debatable issue. In spite of this, many companies retain an ambition to participate in developing hydrocarbon Arctic deposits. The main focus of this Special Issue will be on research related to challenges when implementing offshore oil and gas projects in the Arctic, as well as research on providing more sustainable energy sources. The methods, approaches and principles of sustainable and low-carbon development for a circular economy should be the focus of the research when discussing Arctic oil and gas resource development. Furthermore, the focus will be on Arctic projects, marine logistic systems, development of the Arctic territories. We hope that research will address issues of the ecologically balanced and socially sustainable development of marine and coastal territories of the Arctic, as well as present all possibilities of digitalization. It is necessary to address the problem that innovations, engineering, and management decisions must have a low-carbon focus. Moreover, the project risks, including geology, technologies and investments, and the interests of all stakeholders on the Arctic shelf should be fully taken into account.

Prof. Dr. Alexey Cherepovitsyn
Prof. Dr. Alina Ilinova
Guest Editors

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Keywords

  • hydrocarbon resources
  • marine resources
  • Arctic
  • sustainable development
  • offshore oil and gas fields
  • new reality
  • global uncertainty
  • challenges

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Published Papers (4 papers)

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Research

24 pages, 1271 KiB  
Article
Value Improving Practices in Production of Hydrocarbon Resources in the Arctic Regions
by Tatyana Semenova
J. Mar. Sci. Eng. 2022, 10(2), 187; https://doi.org/10.3390/jmse10020187 - 30 Jan 2022
Cited by 18 | Viewed by 3019
Abstract
The relevance of the article is due to the fact that as the ice melts, the Arctic Ocean is becoming increasingly available. This fact has renewed the interest in Arctic mineral resources. The purpose of this article is to study special aspects of [...] Read more.
The relevance of the article is due to the fact that as the ice melts, the Arctic Ocean is becoming increasingly available. This fact has renewed the interest in Arctic mineral resources. The purpose of this article is to study special aspects of the development of Arctic hydrocarbon resources, which can boost the economic growth of the Russian economy in the medium term, and to identify approaches to enhance the economic value of these processes. The purpose was achieved by the solution of the following objectives: analysis of the current state of the Arctic resources, as well as the situation on both the global and Russian markets for hydrocarbon resources; study of the special part played by Arctic marine hydrocarbons; and substantiation of the development of transport infrastructure as an important factor in enhancing the economic efficiency of the production of offshore hydrocarbon resources in the Arctic Regions. The methodological framework of the article is formed by the fundamental provisions of economic theory, national economy, economic, environmental and energy security, as well as discoveries and developments by foreign and domestic scientists to ensure the economic efficiency of offshore hydrocarbon production in the Arctic Regions. The author’s sequence of stages for calculating the technical and economic potential of offshore oil and gas fields in the Arctic is proposed, which, unlike the existing ones, is based on an integral indicator combining financial, technical, climatic and service-infrastructure characteristics of fields, which makes it possible to make a rating of fields to determine the order and priority of the beginning of their development. The necessity of taking into account a wide list of factors in the comparative analysis of oil and gas fields in the Arctic in order to make strategic management decisions on the priority of field development is proved. The article suggests that the organizational structure and legal support be differentiated by management levels (mega-level, macro-level, meso-level, and micro-level), as it pertains to the extraction of marine hydrocarbon resources in the Arctic Regions and the development of the transport infrastructure of the Northern Sea Route. Full article
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24 pages, 2170 KiB  
Article
Strategic Sustainability of Offshore Arctic Oil and Gas Projects: Definition, Principles, and Conceptual Framework
by Diana Dmitrieva, Alina Cherepovitsyna, Gennady Stroykov and Victoria Solovyova
J. Mar. Sci. Eng. 2022, 10(1), 23; https://doi.org/10.3390/jmse10010023 - 27 Dec 2021
Cited by 15 | Viewed by 6660
Abstract
Exploitation of oil and gas resources in the Arctic offshore is one of Russia’s key priorities in such areas as science, economy, and technology. Global trends, harsh climate conditions, fragile ecosystems, conditions of the pandemic and post-pandemic periods, price volatility, and the growing [...] Read more.
Exploitation of oil and gas resources in the Arctic offshore is one of Russia’s key priorities in such areas as science, economy, and technology. Global trends, harsh climate conditions, fragile ecosystems, conditions of the pandemic and post-pandemic periods, price volatility, and the growing importance of the environmental factor require that the process of developing the Arctic’s hydrocarbon resources should become strategically sustainable. The paper provides a deep literature review on sustainability issues, sustainable development, strategic sustainability, and project efficiency in the Arctic offshore oil and gas sector. The paper analyzes the trends and conditions that substantiate the need to transform the traditional sustainability concept to meet new challenges and comply with new policies. Based on the analysis, the authors propose a definition of and a conceptual framework for strategic sustainability of oil and gas offshore projects in the Arctic. Full article
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23 pages, 1080 KiB  
Article
Basic Principles (Indicators) for Assessing the Technical and Economic Potential of Developing Arctic Offshore Oil and Gas Fields
by Gennady Stroykov, Yurii N. Vasilev and Oleg V. Zhukov
J. Mar. Sci. Eng. 2021, 9(12), 1400; https://doi.org/10.3390/jmse9121400 - 8 Dec 2021
Cited by 15 | Viewed by 3182
Abstract
Sustainable development of the Arctic is the main priority of the state policy regarding regional development of the Russian Federation. The study of the Arctic zone of the Russian Federation for the formation of principles, methods and strategies, as well as organizational and [...] Read more.
Sustainable development of the Arctic is the main priority of the state policy regarding regional development of the Russian Federation. The study of the Arctic zone of the Russian Federation for the formation of principles, methods and strategies, as well as organizational and economic mechanisms for its sustainable development is topical at present. This article deals with one of the strategic decision-making tools used in the process of implementing the development program for the Russian Arctic, namely, the assessment of the technical and economic potential of the Arctic fields. The purpose of this assessment is to rank the fields according to the priority of their commissioning for a more optimal distribution of costs in the development of Arctic resources. This paper presents the results and methodology of technical and economic potential estimation in general, and the potential of the Arctic oil and gas fields in particular. An analysis of the conceptual apparatus in the field of the evaluation of various types of potential is carried out. The methodology for assessing the technical and economic potential of a field are investigated. The problems arising in the process of such an assessment are revealed. Recommendations for improving the methodology of assessing the technical and economic potential of oil and gas fields in the Arctic are given. The necessity of expanding the list of indicators for assessing the technical and economic potential of these fields, taking into account current trends, has been noted. A list of 10 technical and 26 economic indicators to assess the technical and economic potential of the development of offshore Arctic fields is proposed. Full article
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27 pages, 1488 KiB  
Article
Sustainable Development of Oil and Gas Resources: A System of Environmental, Socio-Economic, and Innovation Indicators
by Alexey Cherepovitsyn, Evgeniya Rutenko and Victoria Solovyova
J. Mar. Sci. Eng. 2021, 9(11), 1307; https://doi.org/10.3390/jmse9111307 - 22 Nov 2021
Cited by 25 | Viewed by 7121
Abstract
Following the principles of sustainable development in the development of oil and gas fields in the Arctic will ensure that hydrocarbon production and transportation operations comply with stringent environmental regulations, the economies of the northern regions become integrated into the national economy of [...] Read more.
Following the principles of sustainable development in the development of oil and gas fields in the Arctic will ensure that hydrocarbon production and transportation operations comply with stringent environmental regulations, the economies of the northern regions become integrated into the national economy of Russia, production systems in the oil and gas sector are upgraded in an innovative manner, and further development of this region is balanced from the environmental perspective. The purpose of the study is to develop and provide a rationale for a balanced system of environmental, socio-economic, and innovative indicators for assessing whether the development of the Arctic’s unique hydrocarbon reserves is sustainable. The theoretical framework of the study draws upon the foundations and key principles of the sustainable development concept and upon modern approaches and methods for assessing the sustainability of production systems. The study presents an analysis of conceptual approaches to defining sustainable development in reference to oil and gas resources, including those found in the Arctic, defines target priorities for the sustainable development of the Arctic’s resource potential, and identifies the relationship between the environmental, socio-economic, and innovative domains of sustainability in the context of Arctic resource development. The results of the study demonstrate how large-scale gas projects can influence regional development and provide for making informed conclusions about whether the development of the Arctic’s oil and gas reserves can be considered sustainable (in accordance with the basic principles of the sustainable development concept). Full article
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