The potential value of the North Pole and the surrounding area resides not so much in shipping itself but in the possibility that lucrative petroleum and natural gas reserves exist below the sea floor. Such reserves are known to exist under the Beaufort Sea. However, the vast majority of the Arctic known to contain gas and oil resources is already within uncontested EEZs. When these current uncontested Exclusive Economic Zones (EEZ) of the Arctic littoral states are taken into account there is only a small unclaimed area at the very top subject to the International Seabed Treaty potentially available for open gas/oil exploration.