Arctic Oil and Gas

• US Geological Survey (USGS) estimates 30% of world's undiscovered gas and 13% of oil resources are in Arctic which amounts to 90-100 million barrels of oil worth millions of dollars
• Much dispute centers around whether an area of ocean bed known as Lomonsov Ridge is an extension of Russia's continental shelf (and therefore part of its EEZ) or not
• 3 parties in dispute have nuclear weapons (Russia, USA, and EU)
• In 2007: the Russians used a submarine to place a Russian flag on the seabed at the North Pole which inflamed tensions
• Since then the number of 'scientific' expeditions to the Arctic has increased, as countries seek to have a greater presence in the area
• Both Russia and Canada have created dedicated 'Arctic Forces' to protect their interests.
• By 2019, Norway, Canada, USA and UK had all strengthened their Artic military capacity and patrols
• Tensions likely to further rise as global warming leads to melting ice and increased accessibility to shipping for longer periods of the year and oil and mineral exploration becomes easier.
• As oil reserved elsewhere run out, Arctic oil will look increasingly tempting.
• In theory, the UN will decide whose claims stand and whose do not.