Unformatted text preview: lable on: <www.regjeringen.no>. The Arctic challenge
Another dispute between Norway and Russia, but also other countries, is
who will have the rights to potential resources in the Arctic? On May 28 and
29, 2008, Norway, Russia, Denmark, Greenland, Canada and the US held
a summit in Ilulissat, Greenland to discuss rights over the Arctic, oil and
other resources.65 The purpose of the conference was to improve co64 Barents Observer. Available on: <www.barentsobserver.com>, June 16, 2008.
Norden, official co-operation in the Nordic region. Available on:
© Ifri F. Harbo / The European Gas and Oil Market operation in the administration of the Arctic seas. It was aimed at easing
recent tensions as each nation seeks to extend its sovereignty to the Arctic
waters that could hold 25% of the world's undiscovered oil and gas,
according to the US Geological Survey.66 According to international law
(the Law of the Sea Convention from 1982), each of the countries
bordering the Arctic holds sovereignty over a zone measuring 200 nautical
miles (370 km). That le...
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