Why you have no idea what’s going on in the Arctic and the Antarctic!
The studies further reveal that the region may contain nine billion barrels of oil and 86 trillion cubic feet of gas. Extending this research, British Petroleum, Europe’s second-largest oil company, estimates the region to hold nothing less than 200 billion barrels of oil or up to 50% of the world’s undiscovered hydrocarbons. In September 2006, Gazprom completed drilling in a few areas of Shtokman field (estimated to have 3.8 trillion cubic meters of natural gas and more than 37 million tonnes of gas) and expects the gas production facility to be operative by 2015.
Add to it the newly discovered sea routes, which are saving huge amounts for shipping companies. Warming can take a walk, many companies use icebreaker ships to cut the ice, their cost and transit time. A fast-dedicated sea-lane is being planned between the Arctic port of Murmansk (in Russia) and the Hudson Bay port of Churchill (in Canada). Arctic routes are unbelievably giving substantial competition to Panama and Suez Canals; and their biggest selling point is that as of now – unlike the Suez or Panama – there are no fees for Arctic routes, unless of course polar bears attempt to fleece you. Talking business, even South Asia’s giant, China, is gearing up to exploit this business model. China has one large “research” icebreaker, the Snow Lion (Xuelong), which is being used in both the Arctic and Antarctic. Since China’s economy is highly dominated by exports and international trade, such low cost shipping route would add to its profit. Beluga Shipping, on September 12, 2009, became the first shipping company to travel through the Northeast Passage without an icebreaker ship as an escort. A few weeks later, even German merchant ships MV Beluga Fraternity and MV Beluga Foresight from Ulsan, South Korea arrived through the passage at Yamburg, Siberia.
The studies further reveal that the region may contain nine billion barrels of oil and 86 trillion cubic feet of gas. Extending this research, British Petroleum, Europe’s second-largest oil company, estimates the region to hold nothing less than 200 billion barrels of oil or up to 50% of the world’s undiscovered hydrocarbons. In September 2006, Gazprom completed drilling in a few areas of Shtokman field (estimated to have 3.8 trillion cubic meters of natural gas and more than 37 million tonnes of gas) and expects the gas production facility to be operative by 2015.
Add to it the newly discovered sea routes, which are saving huge amounts for shipping companies. Warming can take a walk, many companies use icebreaker ships to cut the ice, their cost and transit time. A fast-dedicated sea-lane is being planned between the Arctic port of Murmansk (in Russia) and the Hudson Bay port of Churchill (in Canada). Arctic routes are unbelievably giving substantial competition to Panama and Suez Canals; and their biggest selling point is that as of now – unlike the Suez or Panama – there are no fees for Arctic routes, unless of course polar bears attempt to fleece you. Talking business, even South Asia’s giant, China, is gearing up to exploit this business model. China has one large “research” icebreaker, the Snow Lion (Xuelong), which is being used in both the Arctic and Antarctic. Since China’s economy is highly dominated by exports and international trade, such low cost shipping route would add to its profit. Beluga Shipping, on September 12, 2009, became the first shipping company to travel through the Northeast Passage without an icebreaker ship as an escort. A few weeks later, even German merchant ships MV Beluga Fraternity and MV Beluga Foresight from Ulsan, South Korea arrived through the passage at Yamburg, Siberia.
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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