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Article
Current Legal Regime Governing the Arctic Region and Investment by Oil and Gas Companies
OGEL (2011)
  • Ondotimi Songi
Abstract
The Arctic region remains the current focus for future energy security with its vast hydrocarbon resources. As the demand for energy increases, energy companies’ interests are now on the Arctic. This paper discusses the current legal regime governing the Arctic with a view to ascertaining whether it provides an adequate basis for investment by oil and gas companies. A cursory description of the Arctic is given and its hydrocarbon resources highlighted. The jostling for jurisdiction by the Arctic states is noted and the region’s legal framework discussed. It is contended that the current legal regime is inadequate for investment by oil and gas companies especially as exploration is subject to the domestic legal regimes of each Arctic State. It is suggested that the Arctic States reconsider their current stance and explore the issue of a comprehensive and holistic legal framework for the high seas portion of the Arctic Ocean.
Keywords
  • Arctic,
  • Oil and Gas,
  • Exploration,
  • Territoriality,
  • Legal Regimes,
  • Energy Security
Publication Date
January, 2011
Citation Information
Ondotimi Songi. "Current Legal Regime Governing the Arctic Region and Investment by Oil and Gas Companies" OGEL Iss. 1 (2011)
Available at: http://works.bepress.com/ondotimisongi/6/