Drilling the Arctic region for oil cannot be justified against the background of the major shift in the global oil production paradigm, Goldman Sachs' lead European commodities equity specialist said on Thursday.

"Overall the idea that we have to go into the Arctic to find new resources I think has been dispelled by the enormous cheap, easier to produce and quicker time-to-market resources in the Permian onshore U.S.," Michele Della Vigna, commodity equity business unit leader in EMEA at Goldman Sachs, told CNBC's Squawk Box on Thursday.

"We think there is almost no rationale for Arctic exploration," he asserted, noting that while certain areas, such as the Russian Arctic, potentially have workable elements given that the location is much closer to the coast and easier to explore, other areas, such as Alaska, can fairly be considered more in the vein of vanity projects.

"Immensely complex, expensive projects like the Arctic we think can move too high on the cost curve to be economically doable," Della Vigna explained, pointing to a new "oil order" as represented by a much shorter and cheaper production cycle driven by the U.S.