Overview

States bordering the Arctic claim an international convention gives them rights to the natural resources found in the Arctic, but there are legal, environmental and political obstacles to be overcome.

Oil majors have started to focus on the Arctic in recent years. Global warming has contributed to melting of icecaps, which has opened up parts of the Arctic Ocean to transit by ships and offshore drilling. The US Geological Survey estimated in 2008 that 90 billion barrels of oil, 1,669 trillion cubic feet of natural gas, and 44 billion barrels of natural gas liquids could be found in the Arctic. Approximately 84 per cent of those reserves are expected to be found offshore.

Natural resources found in the Arctic are clearly of huge economic interest and it comes as no surprise that there are a number of territorial disputes between interested nations. This briefing provides an overview on the eight countries bordering the Arctic and the disputes between them.