Russia’s Arctic Dreams Have Chinese Characteristics

The most significant geophysical event on our planet since the end of the ice age is taking place today—the opening of the Arctic. As the High North maritime environment warms, the Arctic Ocean’s abundant energy, minerals, fish stocks, and other natural resources are becoming increasingly accessible, while new potential maritime routes promise to reduce shipping times and costs and accelerate ties between major commercial centers. These new opportunities for energy development, natural resources extraction, and shipping suggest that the region risks becoming an arena of intense competition, tension, and potentially even confrontation, not only between the United States and its two near-peer strategic competitors—China and Russia—but also among other Asia-Pacific states with observer status in the Arctic Council. Continue reading

Russia to continue developing Arctic oil, gas resources despite sanctions

What the Russians see is skyrocketing oil prices that aren’t too far away around the corner. They know that this ‘high’ won’t last too long. It also helps them lay claim to the Arctic region and enables them to send the Russian military out to enforce their wish in grabbing hold of the Arctic.

 

Despite falling prices for raw materials, companies should maintain their investment plans not to lose what is done, Russian Energy Minister said in an interview to the Rossiiskaya Gazeta

MOSCOW, January 22. /TASS/. Russia to continue implementing Arctic oil and gas projects despite Western sanctions and low oil prices, Russian Energy Minister Alexander Novak said in an interview to the Rossiiskaya Gazeta that will be published on Friday, January 23. Continue reading

China Deal Benefits Obama Donors

Administration-approved takeover by Chinese oil company provides Obama backers windfall

The government watchdog group Judicial Watch is suing the Treasury Department for records pertaining to the department’s decision to grant a Chinese government-backed company access to oil deposits in the Gulf of Mexico, a move that will benefit Obama donors.

The Chinese National Offshore Oil Corporation (CNOOC) reached a “definitive agreement” with Nexen, Inc., a Canadian energy company, announced on July 23, 2012, to buy all of the company’s outstanding public shares. Nexen has holdings in the Gulf of Mexico and Canada, giving the Chinese government access to millions of barrels of Keystone XL and Gulf reserve oil. Continue reading