Север и рынок. 2021, № 1.

minimized by using technologies that manages data and can respond to alerts with more efficacy and monitoring the condition and function o f equipment. Resilience and error minimizing engineering from inception to minimize errors and speed recovery [21]. The above figure shows the increase o f ships related to the Oil and Gas Industry as well as shipping. Oil and Gas related ships have increased transit at the same time and comparable speed as Fishing ships. The significance o f an increase o f oil related vessels can mean that an accident is more likely to occur, and the higher amount o f cargo and shipping vessels that there will be also a higher possibility o f both interference to wildlife and collisions, damage to more exploited fisheries is likely to quantify as higher damages, as fisheries represent more than 30% o f the income o f some Arctic regions and indigenous peoples in the regions with lower incomes are more dependent on fishing and make use o f other natural resources in zones that might be affected by an accident. The Arctic council has also indicated that there are possibilities o f more soft and thin ice as well as small icebergs detaching from larger ice formations which could affect navigation at many times o f the year [20]. 5. Technology Deployment The use o f technology has already decreased the number o f accidents and the number o f barrels o f oil spilled. Current sensors can detect leaks on ships before they start, and can map the movements o f vulnerable animals, including the quantities o f plankton and identify activity, these sensors require to be coordinated with state and company’s systems that can make use o f the available information to choose and modify routes and to avoid possible accidents and times when there might be interferences with sensitive biological and ecological factors. Increased number o f ships in the Northern Route present a greater risks o f ballast water contamination, possible spills, collisions with ice bodies and wildlife and other risks such as sound pollution. Not only more vessels are entering the Arctic, but they have undertaken longer journeys by almost 75 % according to the Arctic Council’s report. These ships navigate through different jurisdictions where they find different environmental systems in spite o f common agreements such as UNICLOS. F ig . 3. Flow of smart systems from sensors to AI control in Risk Reduction The diagram above presents the flow o f data from sensors and their incorporation and interpretation by machine learning algorithms and by artificial intelligence systems. The inclusion o f smart sensors and connectivity can reduce accidents and create an effect o f value creation where Accountability, Efficiency, inborn sustainability lead to higher profitability. Organizational Capabilities. Organization capabilities that incorporate digitalization are essential to sustainability, Accountabilty, Efficiency and Profitability for the Oil and Gas industry. The oil and gas industry today has changed through short contracts instead o f long contracts and the abundance o f information for shareholders, this affects how the Oil and Gas organization creates value. The following model is proposed for an organization seeking to maximize the creation of Value. 8