An updated account of Norway’s resource shows that the country has produced half of its proven oil and gas resources in course of its 40 years of oil Klondike.

Sovcomflot intends to carry out a trail shipment of oil from the Varandey terminal in Nenets through the north coast of Siberia to Japan this summer.

Production of oil and gas in the extremely resources wealthy region increased nearly ten percent in January 2010 compared to January 2009.

An Arctic thaw among Cold War foes means there will be no foreseeable major conflict over seabed resources, says a leading Arctic scholar, says edmontonjournal.com.

Facing criticism from northern aboriginal leaders and Iceland's top diplomat over their exclusion from a five-nation "Arctic Summit" to be hosted by Canada next month, Foreign Affairs Minister Lawrence Cannon has pledged to meet with a full spectrum of circumpolar stakeholders ahead of the controversial March 29 gathering of Arctic foreign ministers in Chelsea, Que.

According to onearth.org, summer sea ice is melting in the Arctic, exposing for the first time the fabled Northwest Passage that Europeans sought for centuries. That creates a new frontier for human endeavors … and potentially a new world of trouble, scientists said this weekend at the annual American Association for the Advancement of Science conference in San Diego. An Arctic largely free of ice during the summer will mean new opportunities for fishing, oil and gas production, and shipping, in an area that is both extremely sensitive ecologically and highly unregulated.

The Norwegian Government last week announced that it will open up huge new areas in the Norwegian Sea and the Barents Sea for oil and gas exploration.

The world’s northernmost mining company Store Norske on the Arctic archipelago of Svalbard last year had a 400 million NOK surplus.

The Shtokman project is technically viable and the Shtokman Development AG (SDAG) will make good money with an oil price of 60 USD per barrel, company leaders told the press.

Russian Minister of Defence Anatoli Serdjukov arrives in Finland today for a three day visit.