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About: Petroleum exploration in the Arctic     Goto   Sponge   NotDistinct   Permalink

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The exploration of the Arctic for petroleum is considered to be quite technically challenging. However, recent technological developments, the melting of Arctic permafrost, as well as relatively high oil prices, have allowed for exploration. As a result, the region has received significant interest from the petroleum industry. Since the onset of the 2010s oil glut in 2014, the commercial interest in Arctic exploration has declined.