Impact of global and regional factors on dynamics of industrial development of hydrocarbons in the Arctic continental shelf and on investment attractiveness of energy projects

Abstract

The article considers problems and trends in industrial development of hydrocarbons in the continental shelf of the Russian Arctic Zone. We have provided a general description for the dynamics of industrial development of hydrocarbons in the Arctic continental shelf, including the Prirazlomnoye oil field. We have established that the pace of industrial development of the continental shelf depends on two interrelated trends, i.e., the drive for intensified industrial development of hydrocarbons and the current level of socio-economic development of Russia and the Arctic territories. We have systematized the factors that heavily affect the dynamics of development of the Arctic continental shelf and reduce the attractiveness of investment projects in industrial development of hydrocarbons on the shelf. We have confirmed that socio-economic efficiency of shelf deposit development in the Arctic should to be assessed comprehensively, which is impossible without organizing systematic integrated assessment of resources, the state of the environment, the projected technical and economic indicators and environmental consequences of development of shelf deposits. Furthermore, economic assessment has to be carried out for positive and negative externalities arising from industrial development of hydrocarbons in the continental shelf, affecting the socio-economic status of the population of the Arctic regions, health and quality of life.