Norway’s Statoil said it would be decades until drilling begins for much of the Arctic’s vast untapped oil and gas reserves due to the challenges of working in one of the world’s harshest environments. State-owned Statoil hopes to tap into the reserves of about 90 billion barrels of oil equivalent that the U.S. Geological Survey estimates lie in the Arctic, amounting to almost three years of total global demand or a third of Saudi Arabia’s remaining petroleum reserves. But the company’s exploration chief, Tim Dodson, said the likely costs involved, regulatory complexities and harsh weather conditions meant drilling in much of the Arctic […]