Arctic nations to discuss oil and gas claims

Denmark, Russia, the U.S., Canada and Norway will hold a conference in Greenland this week to evaluate claims over natural resources including oil and gas in the North Pole waters as global demand for commodities surges.

Denmark’s government called the conference, which starts tomorrow and lasts for two days in Ilusissat, Greenland, Foreign Minister Per Stig Moeller told a Copenhagen press meeting today, which was also attended by his Russian counterpart.

“We do welcome this initiative, it’s a very timely event,” Russian Foreign Minister Sergei Lavrov said through an interpreter. “It’s particular important that the five Arctic countries signal to the rest of the world that they want to cooperate.”

The area of the Arctic shelf may hold 10 billion tons of oil equivalent, as well as gold, nickel and diamonds, according to Russia. A Russian mini submarine planted a flag beneath the polar cap in Augist, a move Danish Science Minister Helge Sander at the time called a “joke.” Canada responded by saying it would move troops to its north to assert Arctic sovereignty.

Bloomberg News