Abstract
The main driver of the development of the Arctic zone of the Russian Federation is the industrial development of the mineral resource base of minerals. The projected resources of the Arctic Shelf should be considered as a huge mineral resource potential ofthe oil and gas complex of the Russian economy in the long term. The scientific justification of critical technologies of oil and gas development in the Arctic and the Arctic sea shelf should include an assessment of the environmental consequences in theArctic region. Climate change has removed large quantities of ice and has removed impediments to Arctic sea navigation and in doing so has opened up a new route. Most of these ice-free routes can be used for navigation including oil and gas logistics andtransportation, and reducing transit by more than 5000 nautical miles. While these events allow for a widening of transportation routes but many challenges naturally inherent to the Arctic are still present, for example, the risk of possible oil spills inthe very sensitive ecosystem and the safety risks to crew and equipment. New Technology offers more thorough ways to minimize and manage this risk and to preserve the integrity of ecosystems, safety of people and the profits of companies where operations are more cost sensitive and difficult than in other regions of the world. This paper proposes one model of risk reduction and evaluates the best ways to reduce ecological and safety risks of oil and gas companies operating in the Arctic route. It also proposes methods to incorporate digital value into the organization through four sectors, Sustainability, Efficiency, Accountability and Profitability.
Highlights
Formation of the concept of eco-balanced development and the system of indicators of socio-economic assessment of the sustainable functioning of the Arctic economic zone in the context of the development of mineral resource potential
We have proposed a new model to evaluate Risk of Operation in the Northern Routes for Oil and Gas logistics that incorporates ecological and technological factors in order to minimize risk leading to higher profitability
This research proposes the creation of a digital technology integrated new value creation model for Oil and Gas companies operating in the Arctic
Summary
Formation of the concept of eco-balanced development and the system of indicators of socio-economic assessment of the sustainable functioning of the Arctic economic zone in the context of the development of mineral resource potential. The northern route, including Alaska, Canada, and Russia, is the shortest way to connect Europe and Asia This route has been, for most of modern history, covered by ice. Climate change has opened new parts of that route to transportation. Oil and gas companies can take advantage of these new routes to respond to changes in demand, in liquified natural gas, condensates, and oil products, due to the growing demand of Asian markets. This route has been proven safer than African routes because to lower piracy and better infrastructure than in African regions
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