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Arctic oil rush begins

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posted on Jun, 2 2008 @ 05:45 AM
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Arctic oil rush begins


www.russiatoday.ru

Officials from the five nations with Arctic coastlines have been meeting in Greenland for talks on the territorial status of the polar region. According to geologists, 25% of the world's oil and gas reserves could lie buried under the ice. The row over exploration rights intensified last year after Russia planted a flag on the sea-bed at the North Pole.

Russia, Canada, Denmark, Norway and the U.S. all claim rights over the Arctic. All own a part of the region, but each is vying for the area that lies beyond.

The UN Convention on the Law of the Sea has the ultimate say over issues concerning continental shelf borders. It says a country’s shoreline can be extended if the sea bed is a continuous part of the continent.

Last year Russia became the first country to plant its flag at the bottom of the Arctic Sea at the geographical North Pole.
(visit the link for the full news article)




posted on Jun, 2 2008 @ 05:45 AM
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It will be interesting to see how this area is ultimately divided up amongst all the countries vying for mineral rights.

Clearly, the stakes are high. I've never give much thought to the issue of ownership but the outcome is going to be very important to each of the countries involved.

I just hope this can be worked out peacefully. Ultimately, it is up to the UN to iron out the details.

www.russiatoday.ru
(visit the link for the full news article)



posted on Jun, 2 2008 @ 06:24 AM
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The fur will fly, thats for sure.

Being Canadian, it would be nice to see some ownership for our behalf.

I don't foresee this happening, as I don't feel the CND Gov fights hard enough for items of such value. The boys always seem to side with whoever they want to impress the most.

Politics



posted on Jun, 2 2008 @ 06:46 AM
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TBH, I'm suprised this hasn't happened yet in Antarctica too. I mean, it was once warm, and I'd think that there might be oil in that lake there thats been covered for, like 100,000 or more years



posted on Jun, 2 2008 @ 06:52 AM
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Oh *snipe*.

I was hoping we wouldn't get to this stage for a good 20 years or so.




posted on Jun, 2 2008 @ 07:39 AM
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Russia became the first country to plant its flag at the bottom of the Arctic Sea at the geographical North Pole...i always wonder why they didn't just wrap there flag around a rock and throw it over board..it would have saved a lot of effort.....p.s i think the world is scared of Russia and if Russia wants Russia gets...



posted on Jun, 2 2008 @ 07:58 AM
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Danish teritory, Greenland, being closest to the pole it is naturally Danish
...said by a Dane. Sarcasm intended.

As for last year's media stunt of Russia planting its flang on the sea bed it was a hoax, debunked by a 13-year-old Finnish boy who recognised the footage as being a cut and paste job from Cameroun's Titanic.



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