U.S. firm lays claim to 'potentially vast' Arctic oil resources[400Bil Barrels]

The Ottawa Citizen ^ | 21 Mar 2008 | Randy Boswell

[verga]

One Question:
When are they going to start drilling and delivering to a gas station near me?

[RGSpincich]

Las Vegas-based Arctic Oil & Gas

I sense an IPO and go pattern being run.

[VOA]

bump

[BGHater]

‘Las Vegas-based Arctic Oil & Gas’

Aka, Nigerian Arctic Pump and Dump.

[ScratInTheHat]

IIRC the russians already claim it.

The Nautilus was there first!

[ModelBreaker]

but experts in polar issues have raised alarms about the firm's actions, saying they could disrupt efforts to create an orderly regime for exploiting resources and protecting the Arctic environment under international law rather than a marketplace model.

For those who need a translator, what this really says is that enviro wackos have are worried that they won't be able to prevent any drilling in the arctic under any circumstances.

[eyedigress]

This is all is was talking about.... It's from TIME (dubious I know but seems to be correct here.)

The ice-frozen North Pole is currently a no man's land supervised by a U.N. Commission. The five Polar countries — Russia, the U.S., Canada, Norway and Denmark — each control only a 200-mile economic zone along their coasts.

And none of these economic zones reach the North Pole. Under the current U.N. Maritime convention, one country's zone can be extended only if it can prove that the continental shelf into which it wishes to expand is a natural extension of its own territory, by showing that it shares a similar geological structure.

[denydenydeny]

I stopped reading after “rapidly melting areas of the central Arctic Ocean.”

[Ben Ficklin]

Russia's claim was to the Lomonosov ridge only. This private sector group is seeking the entire arctic commons.

Also Russia's claim was based on the ridge being part of their shelf, while this private sector company is seeking the seabed.

This US private sector group cannot make claims on the seabed unless the US signs the treaty

[joebuck]

I’d rather have Tony’s crew running it than the UN. The street tax would be a LOT less.

[Viking2002]

How much ya wanna bet that claim gets lost in the UN's basement mailroom?

[NonValueAdded]

We’d better get the Burns Slant Drilling Co. on retainer PDQ.

[BenLurkin]

Pump the middle east dry. Then sell them our oil for 1,000 dollars a barrel.

[xjcsa]

Las Vegas-based Arctic Oil & Gas has raised eyebrows around the world with its roll-of-the-dice bid to lock up exclusive rights to extract oil and gas from rapidly melting areas of the central Arctic Ocean, currently beyond the territorial control of Canada, Russia and other polar nations.

They'll be rapidly freezing areas in about 6 months.

[Birdsbane]

“Can we tell Russia, Saudi Arabia and Venezuela to go shove it now?”

For sure! Add that 400 billion barrels to the 500 in the Bakken Formation and the World will be back to kissing our arses for a change. But we need at least seven new refineries before we can get too cocky with them I fear.

[californiabear832]

i’m selling plots on the moon. i’ve gotten the okay from the un so the moon is legally mine.

[DoughtyOne]

Good. I hope we don’t sign on. It sure says something about this corporation that they would go straight to the U.N. to make the claim. Evidently they recognize it’s self-proclaimed authority on everything.

[Ernest_at_the_Beach]

Any Polar Bears out there.?