Telegraph
But the reality is that there will also be geopolitical, as well as commercial, opportunities and the possibility of rival governments working together more closely and healing their differences. BP and Rosneft are creating a joint venture – a "strategic global alliance" – that is designed to exploit the underwater petroleum reserves that are located in the Kara Sea, north of the Arctic Circle. Only now, as the sea ice retreats and the continental shelf is becoming more accessible, is this starting to become viable.
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