Global warming and, ironically, its main cause -- fossil fuels -- explain the intensifying squabble to claim rights over the Arctic seabed. Around a quarter of the world's oil reserves are locked up below the Arctic Ocean, according to the US Geological Survey (USGS).
The Arctic floor is also home to massive gas fields which are virtually unexploited, including those in the Barents Sea and in particular the Russian Shtokman field, which has reserves estimated at a staggering 3,200 billion cubic meters (113,006 billion cubic feet)....
From TerraDaily
