Arctic Oil

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  • Arctic Oil
    • Background
      • Estimated to contain up to 25% of the world's undiscovered oil and natural gas.
      • Issues regarding who can lay to claim to which parts of the ocean - Russia has claimed nearly half of the Arctic but other interested parties e.g. USA failed to uphold their claim
    • Problems
      • Oil companies have already destroyed large parts of Alaska and Siberia and so should be kept out of the Arctic
      • New oil rush in the Arctic is only possible because of the increased shrinking of the polar ice cap due to global warming
      • The arctic is a pristine environment containing over 45 species of land and marine animals
      • Issues over who has the right to claim ownership of the natural resources
        • Countries who have been conflicting over this have now agreed to sign the UN Law of the Sea Convection stating the 8 Arctic States are allowing to exploit offshore resources within 200 nautical miles of their teritory
    • Benefits
      • At around $70 per barrel it makes drilling in the Arctic viable (2007 prices reached $100)
      • Contains up to 25% of the world's undiscovered oil and natural gas
    • Players involved
      • Arctic states - USA, Russia, Canada, Norway, Denmark, Finland, Sweden and Iceland
      • UN -will decide the control of the Arctic by 2020
      • Local people
      • Envionmental Pressure Groups

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