Who Owns the North Pole?

Russia says it does. It's all about minerals, petroleum and gas, and there is a mad scramble by nations to get access to it. A June, 2007 article in the Daily Mail (UK) noted that "Russian President Vladimir Putin is making an astonishing bid to grab a vast chunk of the Arctic - so he can tap its vast potential oil, gas and mineral wealth." Russian scientists base their claim on an underwater ridge near the North Pole, which they say is actually part of the Russian continental shelf. [Source: Daily Mail] In a July 28 article, the Barents Observer, which specializes in watching such things: According to a press release from the U.S. Geological Survey (USGS), the Arctic accounts for about 13 percent of the undiscovered oil, 30 percent of the undiscovered natural gas, and 20 percent of the undiscovered natural gas liquids in the world. About 84 percent of the estimated resources are expected to occur offshore. FULL ARTICLE at Barents Observer... Today, the Financial Times reports that "The issue of who owns the North Pole was a backburner issue while the region was encased in ice. But warmer temperatures suggest the region, which may hold up to one-quarter of the world's remaining oil and gas reserves, could soon be put into play as thinning ice makes it accessible." FULL ARTICLE at Financial Times... Will the dispute be settled fairly? Doubtful, says the Barents Observer today: There is, however, little chance of everyone playing fair when so much it as stake, journalist Nick Meo writes. According to him, United Nations Convention on the Laws of the Sea, which governs maritime territorial claims, is likely to sow as many disputes as it solves. The legal position of the area is confusing, to say the least, and could set the scene for some potentially spectacular disputes in the future, he believes. FULL ARTICLE at Barents Observer... The Telegraph UK fretted on August 16 that Russia may be stepping into a "confrontation with the other polar powers, who are only now waking up to what is at stake" in terms of incredible resources in the Arctic: The ambitions of today's Russians are equally bold – while the planting of the titanium flag was a largely symbolic gesture, it signalled Russia's intention to claim a vast of territory underneath the icecap that amouts to half the Arctic Ocean's seabed. If they have their way they will tame one of the last true frontiers, making Moscow the master of much of the Earth's remaining energy supplies. The risk, however, is of lurching into confrontation with the other polar powers, who are only now waking up to what is at stake. The great prize is the 25 per cent of the Earth's remaining oil and gas which the Arctic is thought to contain. FULL ARTICLE at Telegraph UK... RELATED: Bad New Bear Is Norway putting relations with Russia in jeopardy? Norway challenged by Russian plans in Spitsbergen waters New oil and gas survey makes the Arctic hot