Even as energy companies retreat from exploration in the Arctic, Italy’s Eni SpA will soon open the taps on the northernmost offshore oil platform in the world, offering a glimmer of potential for crude in the region—though at a considerable cost. In a field in the Barents Sea nearly 300 miles north of the Arctic Circle, Eni is set to begin pumping at its Goliat platform before the end of this year. It would open a flow that will eventually reach 100,000 barrels a day and place Eni among a select group of oil producers in the region. The rig’s imminent launch underscores the continuing appeal of the Arctic, but at the same time highlights the challenges of operating in a frontier region where crude is difficult and expensive to extract. The huge cost of pushing ahead with such projects, amid the […]