Who Owns the Arctic?

[Ame®icano]

The US geological survey estimates that up to 25% of the world's remaining oil and natural gas resource might be held within the Arctic region. They guess there are also many of other minerals resources present. Question is, who owns it and/or who can claim the ownership?

 

[manifold]

Exxon/Mobil

 

[Ame®icano]

I wouldn't say that. Russia is getting ready to claim to UN, Arctic as theirs. So Are Norway, Denmark, Canada.

Can anyone claims Arctic based on current international laws and treaties?

 

[waltky]

Exxon gettin' in bed with the Russkies...

Exxon in Arctic deal with Russian oil giant
August 30, 2011: Exxon to get access to huge Arctic and Siberian reserves, Rosneft will benefit from deepwater and advanced drilling techniques.

ExxonMobil is making a big move into the Russian Arctic. The U.S. oil company entered into a partnership with Russian oil giant Rosneft Tuesday, giving Exxon access to vast Arctic oil deposits and Rosneft a leg up in cutting-edge oil technology. Executives from the two companies inked the deal in a ceremony attended by Russian Prime Minister Vladimir Putin, according to an Exxon press release. Rosneft is 75% owned by the Russian government.

"This large-scale partnership represents a significant strategic step by both companies," Exxon Chief Executive Rex Tillerson said in a statement. "This agreement takes our relationship to a new level and will create substantial value for both companies." The deal comes just months after Exxon rival BP sought to strike a similar arrangement with Rosneft. That deal collapsed, with some speculating that BP didn't do enough to entice key Russian players.

For Exxon, the Arctic rights are a prized concession as major international oil companies like Chevron and Shell scramble to find new reserves in an era when increasing amounts of the world's remaining oil are controlled by national oil companies like Saudi Arabia's Aramco or Mexico's Pemex. The Arctic is thought to hold vast amounts of untapped oil.

The deal also gives Exxon access to Siberian "tight oil" plays, which would include oil from shale or other formations that require the use of hydraulic fracturing -- a controversial practice that uses water, sand and chemicals to free the entrapped oil or gas but has raised concerns over its effects on groundwater. Hydraulic fracturing, known as fracking, is widely used in shale formations in the U.S. and has recently unlocked huge new energy deposits, but it's relatively rare overseas.

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[Zander]

I own it.

 

[9thIDdoc]

Nope, I own it but I am willing rent or lease on very reasonable terms. Send cash in small bills.

 

[Mr.Nick]

The US geological survey estimates that up to 25% of the world's remaining oil and natural gas resource might be held within the Arctic region. They guess there are also many of other minerals resources present. Question is, who owns it and/or who can claim the ownership?

Don't know but the ice is 2-3 miles thick so, then you have to dig beyond that.

 

[Mr.Nick]

From what I know about geology and black tar sand I bet the earth beneath the tundras hold plenty of oil but I don't know if we have the capabilities to retrieve it. not to mention if you drill a hole in the wrong place (like idiots guided by even the best geologists) tend to do they will be shot in the face with a geyser and who knows what the **** is in that water 3,000,000 old diseases for all I know....You may as well meet an alien and be fine.

I'll say this much if I was CDC I would quarantine you if you did manage to drill that deep and get "splashed" in the eye with some 3,000,000 year old water.

 

[Mr.Nick]

I wonder if the geysers would freeze the water first then send a gigantic missile up the shoot like a ******* icy volcano...

That would be pretty cool until you realize the apple falls from the tree and so does a 2 ton piece of ice...

 

[Toro]

Canada.

Next question.