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Arctic Legal System: a New Sustainable Development Model

https://doi.org/10.17589/2309-8678-2016-4-2-83-95

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Abstract

Historically, the term ‘Arctic’ was used synonymously with the term ‘ice’, but climate change and Arctic hydrocarbon grabbed the attention of the world community as an opportunity to make the Arctic an ‘Energy Hub’. Exploration of oil and gas over the past six decades in the Arctic has made the region as places in the world. All major players in the market have endeavored to approach this new energy basket to utilize its maximum benefit. Commercial exploitation of natural resources has made this place a center for the regulation of oil and gas activities. However, petroleum exploration and its operation have had significant local detrimental impacts on the atmosphere, inhabitants and marine environment. Geologists have always believed in the huge reserves of oil and gas in the Arctic Region. However, the exploration of oil and gas started as recently as the mid-1950s. An increase in the demand of oil and gas in the international market, as well as its growing scarcity, compelled the world to locate oil and gas reserves in various regions. It is significant to note that the Arctic states are strategically going to control the excessive exploitation of Arctic hydrocarbon with much profitability. However, it is still a far sighted question ‘whether Arctic will provide direct competition to the Middle East’ and become another hub in the energy market.

About the Author

Kumar Sahu Manjeet
National University of Study and Research in Law (Ranchi, India)
India

LLM (Constitutional and Administrative Law) student at National University of Study and Research in Law (Ward No.11, Shanti Nagar, Palkot Road, Gumla-835207 (Jharkhand)



References

1. McKie James W. Market Structure and Uncertainty in Oil and Gas Exploration, 74(4) The Quarterly Journal of Economics 543 (1960). DOI: 10.2307/1884351.

2. Nakhle Carole, The Arctic: The Last Great Oil Frontier – Or Is It? 6 International Energy Law Review 1–5 (2010).

3. Veasey James A. The Law of Oil and Gas, 18(6) Michigan Law Review 445 (1920). DOI: 10.2307/1277804.


For citation:


Manjeet K. Arctic Legal System: a New Sustainable Development Model. Russian Law Journal. 2016;4(2):83-95. https://doi.org/10.17589/2309-8678-2016-4-2-83-95

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ISSN 2309-8678 (Print)
ISSN 2312-3605 (Online)