For Fatih Birol, Chief Economist and Director of Global Energy Economics at the International Energy Agency, overall investment in the energy sector needs to be ramped up, and soon.
"In the next 20 years, we need about $40 trillion, which means each year about $2 trillion for the building [of] power plants, developing oil and gas fields, pipelines, and others," Birol told CNBC's Energy Future.
Read MoreCharge phones with 'urine-tricity'
With production costs becoming high and hitting profits, concerns are growing about investment from energy majors being insufficient. And when it comes to the Arctic, the question of whether current conditions – including the shale boom – will see major exploration of the region remains open.
"If we continue the rate of progress onshore in shale, it will make frontier areas such as the Arctic probably more questionable as an investment opportunity," Glynn Williams, from oil and gas services investor Epi-V, told Energy Future.
"When you ask what has to happen to make it commercial, well the simple answer is: Higher oil prices," Arthur Berman, a geologist and energy analyst, told Energy Future.