Despite sinking oil prices, Norway this week signaled its commitment to drilling for Arctic oil by offering new leases in the region for the first time since 1994.
The Norwegian move came as President Barack Obama issued an executive order setting up new oversight of U.S. Arctic activity, including energy exploration. And it follows Denmark's claim last month to oil and gas beneath the North Pole. (See related story: "Denmark Eyes North Pole, But How Much Oil and Gas Await?")
Russia, meanwhile, is beefing up its forces in the region this year. It's all part of a rush to stake out boundary lines as the ice melts in an area that holds 13 percent of the world's undiscovered oil and 30 percent of its undiscovered natural gas—the vast majority of which is offshore. (See related story: "What Happens When Oil Spills in the Arctic?")
In opening up the oil territory, which lies primarily in the Barents Sea, Norway pointed to new sea ice data showing that the edge had retreated farther north.
"It's quite a paradox that as the ice is melting in the Arctic as a result of global warming—and as a direct result of burning fossil fuels—Norway is eager to enter in [and drill] once the ice edge moves," said Nina Jensen, secretary general of World Wildlife Fund Norway, calling the decision "a huge disappointment."
The drive to open up new exploration even as a glut of supply sends oil prices below $50 a barrel shows that corporate interest in the icy region's energy sources goes beyond the immediate financial pain.
Despite sinking oil prices, Norway this week signaled its commitment to drilling for Arctic oil by offering new leases in the region for the first time since 1994.The Norwegian move came as President Barack Obama issued an executive order setting up new oversight of U.S. Arctic activity, including energy exploration. And it follows Denmark's claim last month to oil and gas beneath the North Pole. (See related story: "Denmark Eyes North Pole, But How Much Oil and Gas Await?")Russia, meanwhile, is beefing up its forces in the region this year. It's all part of a rush to stake out boundary lines as the ice melts in an area that holds 13 percent of the world's undiscovered oil and 30 percent of its undiscovered natural gas—the vast majority of which is offshore. (See related story: "What Happens When Oil Spills in the Arctic?")In opening up the oil territory, which lies primarily in the Barents Sea, Norway pointed to new sea ice data showing that the edge had retreated farther north."It's quite a paradox that as the ice is melting in the Arctic as a result of global warming—and as a direct result of burning fossil fuels—Norway is eager to enter in [and drill] once the ice edge moves," said Nina Jensen, secretary general of World Wildlife Fund Norway, calling the decision "a huge disappointment."The drive to open up new exploration even as a glut of supply sends oil prices below $50 a barrel shows that corporate interest in the icy region's energy sources goes beyond the immediate financial pain.
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