Arctic Regions May be the Future of Oil and Gas – Are Your Processes Ready?

In 2008, a report from the U.S. Geological Survey estimated that the Arctic region of the world – the North Pole – contains approximately 13 percent of the undiscovered oil remaining on the planet and 30 percent of the world’s undiscovered natural gas. Furthermore, that study claimed that 84 percent of those resources were located offshore. According to a recent National Geographic report, leading oil and gas companies may soon be positioned to try and capitalize on these resources as available undiscovered reservoirs are difficult to come by and national governments are laying claim to lands that may contain oil and natural gas.

Polar Bear

Arctic regions could be the next destination for oil and gas discovery efforts.

Bringing the oil and gas industry to the North Pole
The news source explained that Denmark recently claimed a large swath of land in the North Pole in the hopes that the United Nations would back its belief that it has the right to pursue economic development in the region. The land in question is an area connected to the continental shelf of Greenland. Because Greenland exists as an autonomous territory of Denmark, Danish leaders believe they should have full rights to develop the connected region of the North Pole. Russia and Canada already have claims to land in the Arctic.

The report said that as of now, these nations are banking on potential in the North Pole, not immediate value, but the economic prospects are clear. While the North Pole is dark for months on end, global warming is causing polar ices to melt and making new east-west trade lines available. This would be combine with the slightly easier access to offshore drilling locations to make it easier to glean profits from oil and gas efforts in the North Pole.

Going to the North Pole? Get BPM

“Denmark recently claimed a large swath of land in the North Pole.”

Business process management tools are designed to help organizations pass processes and information between users regardless of where they are working and what device they are using. The technology has already been embraced across the oil and gas industry because it can help connect field workers with business leaders and data analysts back at the office. Streamlining processes between these groups can promote more efficient geo-statistical analysis and make it much easier to identify how to devote resources to different reservoirs. Process management software becomes even more important as geographic barriers get between operational teams, and the North Pole is certainly one region that will likely create significant challenges when it comes to supporting collaboration.