OIL EXPLORATION IN THE ARCTIC - LOFOTEN ISLANDS, NORWAY

OIL EXPLORATION IN THE ARCTIC - LOFOTEN ISLANDS, NORWAY

1. Epicentre of great arctic cod fishery - shaped island society

   • This may soon be diminished by oil

2. Norweigan oil production peaked at 3.4m barrels/day in 2001 and has been declining since

   • Oil production key to the economy and to keep interest amongst investors, exploration areas must be opened
     • Petroleum industry employs about 80000 people
     • Accounts for quarter of Norweigan GDP, quarter of state income, and half of all exports
     • People are leaving Lofoten Islands for better jobs elsewhere - population declining

3. 20% of Norweigan Shelf's remaining reserves could be in the area

   • Statoil estimates 2bn barrels

4. Many of the 25000 residents are against the prospect

   • Area renowned for its natural beauty and biological diversity
   • Oil and gas activity has catastrophic potential to harm cold water ecosystems
   • Costs would be suffered by islanders, whereas most of benefits will go to other Norweigan areas
   • TOURISM INDUSTRY
     • Tourism in 2009 reached £141m
     • Trekking, kayaking, whale watching activities could be impacted by oil spillages, unsightly infrastructure, threat to fisheries
     • WHY PUT FISHING AND TOURISM INDUSTRIES AT RISK FOR AN INDUSTRY THATS BOUND TO END ANYWAY?