Since the year 2000, Russian oil production has increased by practically 50%, but this growth appears to have now peaked. The supply on Non-OPEC oil peaked early in this decade and it was only Russia, returning to force from the prior financial crisis that could offset the fall in the remaining parts of this sector. Non-OPEC accounts for about 60% of world oil production, but within the sector it is Russia alone that has maintained the plateau, providing almost one quarter of its output. Without Non-OPEC it will not be possible to raise world oil supply, and without Russia it would have already fallen. Russia alone could not maintain growth in Non-OPEC, and the peak in Russian supply means that it and world oil volumes must begin to decline.
The unavoidable fall in world oil production has excited the potential for exploration in extremely inhospitable regions of the world, particularly the Arctic. As a kind of dry-run for exploration above the Arctic circle, the Nordic Explorer vessel has "sailed" for Cape Farewell on the southern tip of Greenland. I cannot avoid thinking that the term "Farewell" is an ironic coincidence for the future of a world powered by oil, and the desperation to grab whatever of it is left to be grabbed; wherever that may be. According to the US Geological Survey, there could be as much as 50 billion barrels worth of oil under Greenland, which is around eighteen months worth for the word as a whole and can be compared with the 38 billion barrels produced in the North Sea since development of the region began in the 1960s.
Exploration of Greenland is not new, but so far the few wells that have been drilled there proved to be dry. However, with an inevitable long-term rising price of increasingly scarce oil and rising demand for it, further exploration projects there begin to look viable, on the basis that sooner or later someone will strike lucky. Global warming may prove an ally in this intention, since hitherto ice-blocked waterways will become open, thus rendering greater access to whatever oil and other mineral wealth may lie there. In the past two years, seven companies including Exxon Mobil, Chevron and the UK-based Cairn Energy have bought exploration blocks of southern and western Greenland.
In consequence of the long-term production of North Sea oil, the reserves there are notably depleted and it will require considerable investment and new technologies to get out what remains. The low price of a barrel of oil in consequence of last year's economic crash has discouraged many putative exploration projects, and now the US based Noble Energy has put its North Sea business on the market for $350 million. The firm thus joins an exodus of UK based oil-companies from the region in a move where long-established fields are sold-off in order to fund exploration in new regions, including deepwater projects and indeed the Arctic.
 "Oil Supply: As Russian Production Tops Out, World Supply Will Continue to Slip," By Gregor Macdonald. http://seekingalpha.com/article/161119-oil-supply-as-russian-production-tops-out-world-supply-will-continue-to-slip
 "Oil giants zero in on untapped Greenland." http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article6832247.ece
 "American oil group Noble Energy joins UK exodus from North Sea," By Danny Fortson. http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article6832263.ece#cid=OTC-RSS&attr=1185799