James Ridgeway: True North: Big Oil in the Arctic

Malcolm Brinded, Shell's chief executive of exploration and production, last week told the Times OnLine (London), "There has been drilling there, there has been exploration there, but this is a return to make a new charge at it. Some people say that 25 per cent of the world's undiscovered hydrocarbons sit in the Arctic. I think that may be optimistic but if it's half right then it's worth exploring. It has the right ingredients to be a good energy play and the world needs some new energy plays."

Oil companies long have eyed the Arctic as an untapped source of oil and gas, but costly drilling and impossible physical and jurisdictional hurdles in transporting oil and gas down through Canada to the continental US.