Just a few days ago the Arctic Council met in Nuuk, Greenland. What appeared as an innocent ‘talk-shop’ may have pulled the trigger. The presence of Hillary Clinton and Ken Salazar made clear the US have an eye on the Arctic resources.

An important outcome of the Council was the agreement on SAR missions between the relevant countries, United States, Russia, Canada, Iceland, Denmark, Norway, Finland and Sweden. Now investments in an area of 13 million square miles of ocean around North Pole are less risky and therefore less expensive.

USGS estimated some 90 billion barrels of oil, 1,669 trillion cubic feet of natural gas, and 44 billion barrels of natural gas liquids undiscovered in the Arctic.

Still pending on the Russian side is the final decision of the Arbitration Institute of the Stockholm Chamber of Commerce regarding the swap agreement between Rosneft and BP.

On April 06 President Obama signed the 2011 Unified Command Plana and realigned the areas of responsibility boundaries in the Arctic region for the U.S. geographic combatant commands.

Today a leaked draft of a joint Danish-Greenlandic-Faroese strategy report on Arctic development reads: 'The kingdom is expected to lay claim to the continental shelf in five areas around the Faroe Islands and Greenland, including the North Pole itself,'

Copenhagen Post: Denmark to make grab at North Pole