ABSTRACT
Energy resources have been known to exist in the Arctic region since the 18thcentury, although the region is now being referred to as the ‘new energy frontier’. The Arctic region’s deep ice cover, difficult terrain and harsh physical environment have kept drilling operations low, and exploration activity began only in the 1920s, picking up in the 1960s. Unlike other regions, which have seen a flurry of activity once hydrocarbon resources have been discovered, the Arctic is perceived as one of the few pristine environments left in the world. More importantly, the region, despite the presence of its vast untapped energy and mineral resources, had been left out of geopolitical rivalry, unlike other energy-rich regions such as West and Central Asia. In fact, many of the Arctic states have dismissed the possibility of conflict over the region’s spoils and point out that the Arctic is ruled by a collaborative governance model wherein the territorial countries largely conform to international treaties, and take recourse to diplomatic channels to resolve differences.
