Russia eyes Arctic oil, gas
While considering renewable energy, Russia continues to heavily rely on oil and natural gas. Its Barents Sea border agreement with Norway boosts its reserves by 5 billion tons, in terms of standard fuel equivalent. This brings its oil and gas reserves offshore to the level of those on land. The country should enjoy a plentiful supply of oil and gas for about 150 years.
Environment and Resources Minister Yuri Trutnev was speaking about this at a media forum of the United Russia party in Moscow on Sunday. He said that in 2013 Russia will approach the UN for securing exclusive economic rights to more chunks of the Arctic Shelf.