As in all drilling spills and accidents are the main concern. The biggest concern is how would an oil company respond to a spill in the arctic waters. The BP disaster in the Gulf clearly showed that oil companies are not prepared to effectively quickly stop a major catastrophe in deep water. Now add to the situation that you are in a very cold and hostile environment. An environment that is far from other areas of the world where machines are hard to operate due to the cold how would a spill be cleaned up then?
If a spill were to occur the ecology of this region, which is much more fragile than the gulfs, it would be desimated. This would reduce the availability of plants and small animals thus effecting the large fish population and other animals in the region.
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