Switzerland-based business intelligence provider RepRisk in its latest report has analysed the controversies related to Royal Dutch Shell, Cairn Energy, Gazprom, Exxon Mobil, and Statoil, in relation to their proposed and existing drilling projects in the Arctic region during the last four years.
RepRisk said the facts and figures for the report, ‘Special Report: Arctic Drilling’, were collected from newspapers, news sites, NGO and governmental sites, blogs and social media.
According to the report, although most believe that the Arctic region has huge untapped resources of oil and gas, critics believe that opening of the region for commercial drilling can damage the environment, livelihoods and affect animals like polar bears in the region.
In addition, the report said that energy firms have no contingency plans in the event of an accident due to freezing waters, remote locations and lack of infrastructure.
As per the report, Shell has continued with its project in Arctic despite knowledge of technical problems and had failed to manage and oversee its contractors.