"The high Arctic, once the irresistible frontier for oil and gas exploration, is quickly losing its appeal as energy firms grow fearful of the financial and public relations risk of working in the pristine icy wilderness.
The Arctic holds 13 percent of the world's undiscovered oil and 30 percent of its gas, and Russia's continuing passion for the precarious zone has been demonstrated by recent deals like the Total and Novatek LNG facility on Yamal, and the Exxon-Rosneft plan to expand their zone of exploration of the country's north coast.
But a series of blunders and failures there are making executives shy of such a sensitive area and turn their attention back to more conventional resources and the shale revolution."
'via Blog this'
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