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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 ...
Due to the harsh climate of Arctic tundra, regions of this kind have seen little human activity, even though they are sometimes rich in natural resources such as petroleum, natural gas, and uranium. In recent times this has begun to change in Alaska , Russia, and some other parts of the world: for example, the Yamalo-Nenets Autonomous Okrug ...
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 importance of the Arctic region is determined by its role in the global economy due to natural resources. The consumption of natural gas in the next 15 – 20 years will increase (even growing interest in alternative sources of energy ), the main reserves are concentrated in the Arctic zone (approximately 100 billion tons of fuel).
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.
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].