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Executive Summary for December 15th

We review and analyze the latest news and most important developments in the Arctic, including plans for an oil-drilling island off Alaska, signs that 2015 will be the warmest year on record and how the climate pact affects energy stocks. Our goal is to keep you informed of the most significant recent events.

Published on Dec. 15, 2015 Read time Approx. 3 minutes

Texas Oil Company Proposes Oil-Drilling Island Off Alaska

A Texas oil company has plans to build a gravel island to extract oil from the Beaufort Sea off the coast of Alaska, according to the Associated Press. The 93,000 square meter (23 acre) platform – roughly the size of 13 soccer pitches – would be located almost 10km (6 miles) offshore in 6m (19ft) of water, and support five or more extraction wells, according to KTUU-TV.

Hilcorp said the Liberty Project would produce up to 70,000 barrels of oil each day and yield up to 150 million barrels of oil within 15–20 years, RT reported. The U.S. Geological Survey estimates there may be 26 billion barrels of oil in the Arctic Alaska Petroleum Province.

The Houston, Texas-based company is in the permitting phase and must show that it can drill the oil safely. Construction would occur only after the environmental review is complete, which won’t be until 2017, AP reports. Environmental groups have criticized the project, saying a spill would have dire impacts on the area. Others are concerned that the project might disrupt the bowhead whale migration.

The location of the site in federal waters means revenues would go to the state of Alaska and not to local populations, who would have to cope with the effects of any oil spills, according to RT.

Royal Dutch Shell pulled out of future offshore Alaska drilling operations in the fall after it failed to find enough oil or gas to continue further explorations.

The Warmest Year on Record Could Be 2015

For the second month in a row, the global average temperature was more than 1C (1.8F) warmer than the planet’s average temperature during 1951–80, according to data released by NASA on Monday. The globe is hot and getting hotter, Climate Central reported. The probability of 2015 being the hottest year on record was greater than 99.999 percent, NASA climate chief Gavin Schmidt posted on Twitter.

Parts of the Arctic and northern Russia showed the largest deviations from average temperatures in November. Temperatures were as much as 10C (18F) warmer than usual there.

Earlier studies had suggested that the rate of warming appeared to be leveling off. From 1998 to 2012, the average surface temperature seemed to be increasing by one-third to one-half of the average rate seen between 1951 and 2012, reports Science News. But that so-called “hiatus” was merely an artifact of the way the temperature data had been collected over the years.

Scientists have recently projected that warming temperatures will give the Arctic Ocean its first ice-free summer by mid-century. New research presented at the Society of Marine Mammalogy’s Biennial Conference in San Francisco this week showed that extreme ice loss in the Arctic has opened up new passageways for humpback and fin whales, according to a Voice of America report. Researchers used hydrophones – microphones that detect sound waves under water – to monitor the movements of the marine mammals. The researchers say there’s evidence to suggest that competition will increase among species in the Arctic as they shift their food sources and habitat.

Renewables Gain and Fossil Fuels Dip with Climate Pact

Fossil fuel companies took a hit on Monday after countries signed the climate pact to curb global temperatures, Reuters reported. Countries have pledged to curtail greenhouse gas emissions under the deal, which may bring in tougher regulations for oil and gas companies.

Meanwhile, shares in renewable energy stocks gained ground. Goldman Sachs said the deal will boost wind turbine makers, electric car manufacturers, solar panel businesses and companies that supply materials, such as lithium, for batteries, according to a Deutsche Welle report.

Dropping oil prices have put Greenland’s dreams of oil exploration – and economic independence – on hold, reports Bloomberg Business. With the price of Brent crude at close to $36 per barrel, the cost of oil production in Greenland’s offshore waters would be too great to make it a profitable venture.

The Geological Survey of Denmark and Greenland estimates production costs could be as high as $50 per barrel. Icebergs and other cold-weather obstacles drive up the exploration cost. The seafloor surrounding Greenland could hold as much as 17 billion barrels of oil, according to U.S. Geological Survey estimates.

Recommended Reads

Top image: November temperatures around the globe show large departures from the 1951–80 average, especially in the Arctic and parts of Russia. (NASA GISS)

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