"The world demand of oil and gas is growing at an ever increasing rate, and as a result, there is a demand to explore new areas for more petroleum production. The arctic region is one of the remaining unexplored areas where such exploration still can be done. According to the US Geological Survey estimates, the arctic region, mostly offshore, holds as much as 25% of the world’s untapped reserve of hydrocarbons where much of the reserve is lying under seasonal or year-round sea ice." (Quoted from paper)