The future of the Arctic will be less white wilderness, more black gold, a new report on oil reserves in the High North has signalled this week. The first-comprehensive assessment of oil and gas resources north of the Arctic Circle, carried out by American geologists, reveals that underneath the ice, the region may contain as much as a fifth of the world's undiscovered yet recoverable oil and natural gas reserves.
Polar Bear
Riches in the Arctic: the new oil race
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Polar bear harassment by oil companies challenged
About 2,000 of the 25,000 polar bears in the Arctic live in and around the Chukchi Sea, where the government in February auctioned off oil leases to Shell Oil Co., ConocoPhillips Co., and five other companies for $2.6 billion. Over objections from environmentalists and some members of Congress, the sale occurred before the bear was classified as threatened in May.
US government ‘failing to protect polar bears’
The state's outer continental shelf was long thought too remote and costly to drill. BP and Shell are among those investing heavily in Alaskan exploration.
US lists polar bear as threatened
The United States has listed the polar bear as a threatened species, because its Arctic sea ice habitat is melting due to climate change.
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