The Arctic holds as many as 90bn barrels of undiscovered oil and has as much undiscovered gas as all the reserves known to exist in Russia, US government scientists have said in the first state assessment of the region.
The estimates could fuel the race among polar nations, such as Russia, the US, Denmark, Norway and Canada, vying for control of the region, though the study said Russia and the Alaska platform appeared to have the most undiscovered resources.
The 90bn barrels of undiscovered oil the US Geological Survey believes the Arctic holds is 13 per cent of the world's undiscovered oil – about the known reserves of the United Arab Emirates. The 1,669,000bn cubic feet of natural gas are equivalent to 30 per cent of undiscovered gas reserves.
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