Scrambling for the Arctic's oil

Several countries lay claim on the Arctic ocean where a quarter of the world's undiscovered oil and gas resources lie.

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    An international summit has began in Moscow, the Russian capital, to consider rival claims to mineral rights in the Arctic ocean.

    It is thought that a quarter of the world's undiscovered oil and gas resources lie beneath the arctic ocean, and now global warming is making the ice-covered region more accessible.

    Under the UN Convention on the Law of the Sea, coastal nations can claim exclusive rights to natural resources on or beneath the sea floor up to 370 kilometres beyond their land territory.

    Al Jazeera's Tania Page reports.

    SOURCE: Al Jazeera


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