09/01/2011 - Exxon Mobil Corp.'s blockbuster $2.2 billion deal to drill for oil in the frigid waters north of Russia with OAO Rosneft is the latest sign of the energy industry's white-hot interest in exploring above the Arctic Circle.
The region encompasses about 12 million square miles—just 6% of the earth's land mass. But it is estimated to contain the oil and natural-gas equivalent of 412 billion barrels of oil, about 22% of the world's undiscovered oil and gas.
Marilyn Heiman, director of the U.S. Arctic Program at the Pew Environment Group, the conservation arm of the Pew Charitable Trusts, cautions that the energy industry is moving faster to start drilling than most countries are moving to craft appropriate regulations for the region.
"The Arctic is one of the most dangerous places to drill in the world and we need to have standards in place to prevent oil spills," said Ms. Heiman.
Read the full article Arctic Riches Lure Explorers on the Wall Street Journal's Web site.