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
Kara Sea Port and Dikson and it is important as a fishing ground although the sea is ice-bound for all but two months of the year. Significant discoveries of petroleum and natural gas, the East-Prinovozemelsky field, an extension of the West Siberian Oil Basin, have been made but have not yet been developed. In 2014, US government sanctions resulted in Exxon having until September 26 to discontinue its operations in the Kara Sea. The International Hydrographic Organization defines the limits of the Kara Sea as follows: There are many islands and island groups in the Kara Sea. Unlike the other marginal seas