Saturday, August 04, 2007
Russia plants a flag with a submarine
The new oil rush has been galvanised by the accelerated shrinking of the polar ice cap because of global warming, which has allowed exploration that had been previously unthinkable because of the extreme conditions.
Russia claims that the Lomonosov Ridge, an underwater mountain range crossing the polar region, is an extension of its territory.
But four other countries - the US, Canada, Norway and Denmark - also have claims on the ocean floor which could hold as much oil and gas as Saudi Arabia.