Oil analyst: Arctic extraction can prove too expensive

It could prove much too expensive to extract oil in the Arctic, warns the Norwegian oil analyst Torbjørn Kjus from DNB.

Photo: Christian Florian / DMI

The Arctic and its opportunities for oil extraction constitute an adventure which may end up being nothing but a good story, stated oil analyst Torbjørn Kjus from the Norwegian bank DNB to the national news paper Dagens Næringsliv.

Kjus believes that the oil price will decline significantly in the coming years to about USD 90 per barrel in 2020. With such a low oil price, oil extraction in the Arctic may not be profitable in any way.

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