Oil production will lead to Industrialization in Arctic which in terms of course will lead to long term disaster to the natural habitat.
Impact on Eco system:- an accident to the ecosystem is due to the bacterial DE-composition of oil. the bacterial decomposition of oil is much slower in cold water. the worst case scenario would be an accident in autumn when the sea has already frozen over, because then the pollutants would spread under the ice across the entire Arctic region throughout the winter.
Impact on Food Cycle:-
Plankton, and through it the entire food chain, raging from fish and seals to whales and polar bears. A change in climate will stress the underwater animals.
Oil disaster will lead to Survival and maybe Extinction of some of the Underwater Species.