Russia Is Ready to Plunge Into Risky Arctic Drilling Projects, In Partnership With BP
The Russian Arctic Russia is pushing ahead with plans to drill for offshore oil in the Arctic Ocean. NOAAWhat could possibly go wrong? "One beaten man is worth two unbeaten men." This is not the reasoning Prime Minister Vladimir Putin gave to explain why Russia is green-lighting a dicey project to drill for undersea oil in the forbidding Arctic Ocean. It's the justification he gave for Russia's choice of partner in the projects: BP. Last month, BP and Russian state-owned energy company Rosneft signed an Arctic exploration deal to develop prospective offshore oil reserves in what is arguably the most hostile drilling environment in the world. The Arctic has long been thought to harbor vast reserves--the US Geological Survey thinks one-fifth of the world's undiscovered, recoverable supplies are tucked away there. But tapping it is difficult, and the prospect of a spill there somewhat horrifying. First, the Arctic is a perilous place to...