US oil industry advisory group the National Petroleum Council (NPC) is urging Washington to rethink the terms of Arctic exploration licences, arguing that its 10-year leases are 'inadequate', reports Petroleum Argus. Regulators must do more to facilitate exploration in the US Arctic to help offset an anticipated fall in the country's oil output sometime after 2020, the NPC says. It suggests following the lead of other Arctic resource holders-Canada, Greenland, Norway and Russia-which offer exploration-based leasing and licensing systems that grant extra time to determine technical or commercial viability.
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