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A new study has found that the Arctic could contain as much as 30 percent of the world's remaining gas reserves.
The findings, published in Science, also estimate that as much as 13 percent of the world's remaining oil may lie under the Arctic ice, with some analysts stating that the findings are likely to be used to corroborate the case for polar drilling.
"For better or worse, limited exploration prospects in the rest of the world combined with technological advances make the Arctic increasingly attractive for development," said Paul Berkman of the Scott polar research institute at the University of Cambridge, speaking to the Guardian.
However, Donald Gautier, of the US Geological Survey, the group behind the new research, said that the findings will do little to challenge the pre-eminence of the Gulf states in global oil production.
The report found that the majority of the Arctic oil and gas reserves are located offshore under less than 500 meters of water.
Gas reserves were recently discovered ten kilometres north-east of the Frigg field in the North Sea.
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