Article
Arctic governance regime: the last frontier for hydrocarbons exploitation
Abstract
Purpose – This paper aims to deepen our understanding on circumpolar current dynamics relating to oil and gas exploitation and the role of nations in the polar development process. Additionally, it is fundamental to raise the debate about the energy development in the Arctic and the fact that the exploration of oil and gas resources in the Arctic cannot be performed with the current governance regime, policies and legal framework. Arctic-specific natural ecosystems, the presence of indigenous communities and the commercial interest in the region will require an innovative model of development based on the highest level of responsible exploitation, diplomacy, regulation and policy-making.