• A majority of Alaska’s House of Representatives voted in favour of granting TransCanada Corp. a state license to build a pipeline tapping into the vast natural gas resources of Alaska’s North Slope region. The proposed pipeline will measure 1700 miles, allowing TransCanada to bring natural gas from Prudhoe Bay to an existing hub on the Alberta-British Columbia boarder, with a capacity of 4 billion cubic feet of natural gas per day. A similar proposal had also been submitted by BP and ConocoPhillips. The project is estimated to cost $26 billion dollars.
  • A U.S. study confirms that nearly a quarter of the world’s undiscovered petroleum resources lie in the Arctic. According to the study, the Arctic holds an estimated 90 billion barrels of undiscovered oil accounting for 13 per cent of the world’s total undiscovered reserves. In addition, there are about 1,670 trillion cubic feet of natural gas in the Arctic, accounting for nearly 30 per cent of the world’s untapped reserves. The study comes as Canada competes with other Arctic nations to determine how far their national borders extend. Under the Convention of the Law of the Sea, a U.N. treaty, countries are able to claim offshore territory up to the edge of their continental shelf. As such, Canadian scientists have been busy mapping the seabed, preparing to make Canada’s claim, which must be submitted by 2013.