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Article: US company setting its sights on the Arctic Ocean energy prize.
- Article from:
- Natural Gas Week
- Article date:
- March 24, 2008
- Author:
CopyrightCOPYRIGHT 2008 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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A US company has laid claim to 80 million acres at the top of the world, going after what could be the largest energy prize in history.
Capital-venture corporation Arctic Oil & Gas (AOAG) filed international Arctic Commons hydrocarbons claims in May 2006 with the UN and the five Arctic nations--Russia, Canada, the US, Norway and Denmark (through Greenland) for the exclusive exploitation, development, marketing and extraction rights to oil and natural gas resources from the seafloor within the claim area.
The prize, potential oil and gas reserves to rival anything yet found. The company took the first steps towards grabbing the prize last week when it ...