West left in the cold in Arctic oil boom

Moscow has closed the door further to Western participation in Russia’s Arctic energy wealth with a proposal to grant Rosneft and Gazprom, the state oil and gas companies, exclusive rights to develop offshore oil and gas.

President Putin has approved the decision to grant Gazprom and Rosneft a monopoly through amendments to laws on subsoil use and offshore activity, according to Russian media reports.
The initiative will be another blow to the big Western energy companies, for which the Russian Arctic offers tantalising reserves of oil and gas, now receding beyond reach.

The Times