Regulatory News

With its oil reserves diminishing little by little, Russia chose to explore a new frontier: the Arctic Ocean - the region in which countries like the United States and Canada do not explore due to environmental and safety risks. The world's largest producer, Russia signed an agreement with British Petroleum (BP) for drilling in the Arctic, and other companies are already negotiating with the Kremlin.

The ice cover and icebergs are a threat to drilling platforms. If there were an oil spill, the cleanup would have to occur against a backdrop of darkness. Shell, for example, has postponed its plans for exploration in the Arctic coast of Alaska as a function of the many requirements of U.S. regulators.

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