ABSTRACT
This chapter talks about the popular notion of the Arctic's energy resources. It shows the resources that are not located in areas of no man's land, but rather in undisputed territories. The chapter argues that the risk of conflict over the outer delimitation of the continental shelf is small. Developing the argument, the commercial value of the Arctic in comparison with other oil and gas reserves in other regions of the world. The chapter discusses some of these conditions, but first it want to identify the areas with current oil and gas activity. It also discusses the issues related to present and future oil and gas activities in the three most important countries, Russia, US-Alaska and Norway. Russia's Arctic petroleum activity started with gas production north of the Arctic Circle in the 1970s. The chapter focuses on the proven reserves on the Norwegian side.
