The polar region extends from the Barents Sea to the Arctic Ocean and was, until recently, essentially a large expanse of ice between Norway and Russia. For four decades negotiations between the two countries about claims to the region's oil and natural gas were carried along at a slow, often static pace. However, as a result of global warming, the icecap has receded and interest in delineating clear economic zones has multiplied. The leaders of the two countries, both proud of their co-operative resolves, excitedly spoke of a joint venture into the world’s unexplored - possibly extremely lucrative - arctic seabed. The Chairman of Norway’s Ocean Research Institute, Mr Ostreng, said: “Both parties believe the disputed area contains rich deposits of mineral resources, in particular oil and gas, but they don’t know for sure. And when you don’t know for sure, you act as if the area is extremely rich. It is not easy to give up strategic resources.” On Tuesday, a delimitation line was approved, outlining the claim of each nation to the arctic territory. more...
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The polar region extends from the Barents Sea to the Arctic Ocean and was, until recently, essentially a large expanse of ice between Norway and Russia. For four decades negotiations between the two countries about claims to the region's oil and natural gas were carried along at a slow, often static pace. However, as a result of global warming, the icecap has receded and interest in delineating clear economic zones has multiplied. The leaders of the two countries, both proud of their co-operative resolves, excitedly spoke of a joint venture into the world’s unexplored - possibly extremely lucrative - arctic seabed. The Chairman of Norway’s Ocean Research Institute, Mr Ostreng, said: “Both parties believe the disputed area contains rich deposits of mineral resources, in particular oil and gas, but they don’t know for sure. And when you don’t know for sure, you act as if the area is extremely rich. It is not easy to give up strategic resources.” On Tuesday, a delimitation line was approved, outlining the claim of each nation to the arctic territory. more...
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