They have already discovered billions of barrels of oil equivalent in the Sverdrup Basin of teh Canadian Arctic the last time they went to explore the Arctic in the 1970's. Seems that ice breaker LNG tankers have not yet made their way to the Arctic Islands and gas-to-liquids plants might not be easily served by ice breaker tankers in the middle of winter. So far they have not yet completed natural gas pipelines to Alaska or the Mackenzie Delta. There may be about 20 billion barrels of heavy oil on the Alaskan North Slope and more tar sands in the Canadian Arctic Islands. Plans to use SAGD to recover heavy oil near Prudhoe have been discussed.

I read that Greenland is finding the warming to its advantage.