Answer: 

Introduction:

Arctic oil can be found both on and offshore but the vast majority [an estimated 84%] is offshore. The Arctic Sea has the potential to transform the global energy market. The economic benefits of this discovery must be weighed against the potential environmental consequences of extracting and transporting oil in this sensitive ecosystem.

Body:

Positive Implications:

• Increased oil supply: The Arctic region is estimated to hold significant oil reserves, and the discovery of oil in the Arctic ocean could increase global oil supply, potentially reducing oil prices.
• Economic growth: The development of infrastructure, connectivity and the extraction of oil in the Arctic could create jobs and stimulate economic growth in countries with Arctic coastlines, Like Russia, Canada, and Norway.

• Diversification of energy sources: Access to Arctic oil could reduce dependence on oil from other regions, providing a more diverse energy mix for countries and enhancing energy security.

Negative Implications:

• Environmental risks: The exploration and extraction of oil in the Arctic pose significant environmental risks, including oil spills, pollution, and damage to the fragile Arctic ecosystem. Any accidents could have severe and long-lasting impacts on marine life, birds, and other wildlife in the area.
• Climate change: The extraction of fossil fuels, including Arctic oil, contributes to greenhouse gas emissions and climate change. As the urgency of reducing emissions and limiting global warming grows, exploiting Arctic oil reserves may not be a sustainable long-term solution for energy security and economic growth.
• Geopolitical tensions: Access to Arctic oil reserves could exacerbate geopolitical tensions between Arctic countries and could lead to conflicts over oil reserves and shipping routes.

Conclusion:

The discovery of oil reserves in the Arctic Sea could have significant economic benefits, it is essential to consider the potential environmental consequences carefully. Developing sustainable and responsible methods for extracting and transporting oil in this region is crucial to ensure that the economic benefits are balanced with protecting the delicate Arctic ecosystem for future generations.