EU urges action to exploit Arctic oil and gas By Tony Barber in Brussels European Union policymakers called for a carefully managed international effort to exploit the Arctic's oil and gas resources and said that its vast untapped reserves could enhance Europe's energy security. The European Commission demanded observance of the highest environmental standards and appealed for full protection of the rights of indigenous Arctic people. The Commission's initiative reflected concern about the risk of sharp rivalries among global powers in a region that is not governed by a specific international treaty regime and where no single country has sovereignty over the North Pole or the ocean around it. According to the US Geological Survey, the Arctic accounts for about 22 per cent of the world's undiscovered, technically recoverable resources, including 30 per cent of natural gas and 13 per cent of oil.
European Union policymakers called for a carefully managed international effort to exploit the Arctic's oil and gas resources and said that its vast untapped reserves could enhance Europe's energy security.
The European Commission demanded observance of the highest environmental standards and appealed for full protection of the rights of indigenous Arctic people.
The Commission's initiative reflected concern about the risk of sharp rivalries among global powers in a region that is not governed by a specific international treaty regime and where no single country has sovereignty over the North Pole or the ocean around it.
According to the US Geological Survey, the Arctic accounts for about 22 per cent of the world's undiscovered, technically recoverable resources, including 30 per cent of natural gas and 13 per cent of oil.
