Exxon and Rosneft have announced a deal. To work together to exploit Arctic resources. The deal is to "develop" projects around the Kara and Black Seas, worth around $1bn and signed in the presence of Mr Putin.
Former Rosneft Chaiman, now Russian Deputy PM Mr Igor Sechin estimates the Kara deposits at 4.9 billion tons of oil and 8.3 trillion cubic metres of gas. the Black Sea shelf deposits are estimated at 1.2 billion tons of oil.
Under a seperate deal, Rosneft also gains a 30% stake in 3 Exxon Mobil projects in the US, Gulf of Mexico and Canada (I wonder if any of these is connected to the Keystone XL pipeline, or the Alberta Tar Sands?) Rosneft and Exxon also "inked in" a deal to study the "development" of the oil reserves in the Achimovka and Tyumen layers in Western Siberia, which Rosneft estimates at about 1.7 billion tons.
This comes shortly afer the the announcement last week , by the Russian Govt of tax relief for arctic shelf development.
In the UK the controversial technique of "fracking" is set to go ahead and given the green light for expansion throughout the UK, despite having caused 2 earthquakes and doubts about the safety and inspection regimes of wells already drilled.
Our addiction to fossil fuels and fears for energy security are fueling climactic change, we do not have time.