Arctic drilling is inevitable: if we don’t find oil in the ice, then Russia will, Andrew Critchlow, Business News Editor in The Telegraph writes:
The race is on to drill for oil in the Arctic, as energy companies and Russia's Vladimir Putin eye the prize in the world's last great frontier for resources exploration.
Forget the North Sea and the Middle East, it is the frozen oceans of the Arctic which are the next great frontier that big oil companies plan to exploit over the coming 15 years.
The Arctic region, which crosses several national boundaries including Russia, Alaska, Norway and Greenland, is thought by energy consultants Wood Mackenzie to hold an estimated 166bn barrels of oil equivalent in terms of reserves.
That’s more petroleum and gas than Iran holds and enough to meet two-thirds of the world’s entire annual consumption of crude oil at current rates.