Cooperation in the Development of Offshore Cross-border Deposits in the Arctic Circle

Abstract

In order to exploit the Arctic Circle, one must carefully take into account the importance of the Arctic region, its unique characteristics and the nature of international relations in the area. The region is becoming increasingly important in national defence and trade strategies because it is melting. The region’s unique characteristics are determined by climate and the challenges posed by deep, offshore drilling. Conflicts and the instances of cooperation between Arctic neighbours have a considerable effect on the future exploitation of the Arctic. Overlapping claims are not helpful in attracting the huge investments needed for arctic drilling and cross-border offshore deposits cannot be sustainably exploited without the prior consent of the parties. This paper focuses on both the history of the extractive industry’s efforts to overcome the challenges of the Arctic Circle and on the timeline of cooperation in the development of offshore cross- border deposits.