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The United States Geological Survey estimates that 22 percent of the world's oil and natural gas could be located beneath the Arctic. [1]Russia's undiscovered petroleum is estimated between 67 billion tons of oil equivalent (BTOE) according to the United States Geological Survey and 142 BTOE according to the Russian Academy of Sciences (in 2011, the world consumed 13 BTOE of energy, 31% from ...
There are copious natural resources in the Arctic (oil, gas, minerals, freshwater, fish, and, if the subarctic is included, forest) to which modern technology and the economic opening up of Russia have given significant new opportunities. The interest in the tourism industry is also on the increase.
The Arctic resources race is the competition between global entities for newly available natural resources of the Arctic.Under the United Nations Convention of the Law of the Sea, five nations have the legal right to exploit the Arctic's natural resources within their exclusive economic zones: Canada, Russia, Denmark, Norway, and the United States (though the U.S. has yet to ratify the treaty ...
3. Exclusive Economic Zone (EEZ): This zone extends up to 200 nautical miles (370 km; 230 mi) from the baseline. In the EEZ, the coastal state has the exclusive rights to explore and exploit natural resources found in the water column and on or under the seabed. Moreover, UNCLOS provides Arctic countries with special prerogatives.
The Arctic Council continues to be the United States' favored international forum for discussing Arctic issues, and the face of the State Department's external engagement in the Arctic. The US has also developed a national strategy toward the region that addresses security, natural resources, and claims of sovereignty in the region.
The U.S. Arctic Policy Group is a federal interagency working group comprising those agencies with programs and/or involvement in research and monitoring, land and natural resources management, environmental protection, human health, transportation and policy making in the Arctic.
The Arctic has been a known source of natural resources since the first explorers discovered whales, seals and fish. The three most important resources in the Arctic are minerals, fish stocks and huge oil and gas reserves, most of which are located in Russian territories. [27] "Long-term interstate conflict potential" in the Arctic lies in ...
On the one hand, Arctic states are really concerned about safeguarding their rights over natural resources and sovereignty over territories, when dealing with environmental protection and cooperation for that aim. On the other hand, non-Arctic actors also showed considerable willingness to participate [4].