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The Arctic holds as much as 90bn barrels of undiscovered oil and has as much undiscovered gas as all the reserves known to exist in Russia, US government scientists have said in the first governmental assessment of the region’s resources.
The report is likely to add impetus to the race among polar nations, such as Russia, the US, Denmark, Norway and Canada, for control of the region.
Last August Russia planted its flag on the seabed 4km under the North Pole raising fears of a rush to grab the Arctic’s mineral resources, particularly its oil and gas deposits. Denmark in May called a summit of the five Arctic powers in Ilulissat, Greenland, to try to restrain competition and reiterate the countries’ joint commitment to the United Nation’s Law of the Sea Convention that governs territorial waters.