Summary
According to today's Oil & Gas Journal news, Russian President Dmitry Medvedev received from the Russian Security Council approval for Russia's state policy in the Arctic and a plan for implementation. Russia considers the Arctic region as strategic resource base to guarantee Russia's energy security for the future. A network of ports and shipping routes are planned to support the Arctic policy.
Analysis
The present energy bill in Congress does not seriously focus on our large energy resources on the OCS and in particular the Arctic, where large hydrocarbon resources have been identified. Russia believes about one fourth of the global undeveloped hydrocarbon resources could be contained on the Arctic continental shelf.
Now is the time to
• confirm the US territorial rights in the Arctic
• formulate the US Arctic policy
• encourage our major oil companies for hydrocarbon exploration in the Arctic
• provide the military infrastructure for protection of the US Arctic territories
• and develop the infrastructure of harbors, pipe lines and hydrocarbon processing plants as well as new Arctic cities in conjunction with the State of Alaska
Analyses are solely the work of the authors and have not been edited or endorsed by GLG.
