Arctic resources race The Arctic consists of multiple sub-regions: Russian Arctic, Canadian Arctic, Greenland (Kalaallit Nunaat), Northern Alaska (USA), Svalbard(Norway), Iceland, Fennoscandia. In addition to these sub-regions, the Arctic Ocean and its multiple seas—Greenland Sea, Barents Sea, Kara Sea, Laptev Sea, East Siberian Sea, Chuckchi Sea, Beaufort Sea,etc.-- make the arctic a vast region with a variety of natural resources. The U.S. Geological Survey estimates that undiscovered oil and gas reserves in the Arctic amount to 22% of the world's total, about 412 billion barrels of oil. A Brookings Institution summary reported: The first offshore oil platform in the Arctic was Prirazlomnaya in
Polar seas is also an important habitat. There is an expected rise in the exploration and development of the Polar Seas due to an increasing demand for fuel and commodities. The emergence of China and India's economy is considered one of the main drivers of this phenomenon due to an unprecedented appetite for raw materials and fuel. Presently, there are still no exact figures that define the oil and gas reserves in the Polar Seas. Initial explorations, however, have resulted in the identification of its potential. For example, Canada's explorations discovered gas and oil in several Arctic locations such as Beaufort, High