Don't expect Arctic large-scale oil production for decades: Statoil.

Oilprice.com: “Statoil, the state-owned oil company of Norway, has declared that large-scale drilling and exploration will not occur in the Arctic for a few decades due to the massive challenges of working in one of the most inhospitable environments in the world.” “Tim Dodson, the Exploration Chief at Statoil speaking at a conference in London on the Arctic and climate change, admitted that the astronomical pries involved with exploration in the region, combined with the strict regulations that must be followed, and the harsh weather conditions, mean that expansion in the Arctic is likely to progress at a much slower pace than previously thought.
We don’t envisage production from several of these areas before 2030 at the earliest; more likely 2040, probably not until 2050.”
….One of the biggest immediate challenges that companies will face is the cost of exploration, which is many times higher than for the rest of the world. “There’s almost no prospectivity on this planet that can support drilling exploration levels for half a billion dollars each. And that’s what we’re talking about, half a billion dollars for some of these wells.”
This massive cost means that oil companies cannot afford to fail with their exploration wells; each borehole must be a success. To increase their chances Statoil states that the oil industry must work together in tackling the Arctic, and is working hard to share all information it gathers with other companies working in the area.
Dodson explained that “what we’re facing is, from my perspective, an industrial challenge, it’s not a company challenge. If one of us fails, we all fail.”