During the end of September the "Arctic nations" - Canada, Russia, Norway, the United States and Denmark - met in Moscow to agree on territorial claims. (Strangely, I didn't notice any coverage at all in Danish media - while even Al-Jazeera warmed up for it.)
Russia plans to invest 312.8 billion US dollars on exploration and promise extra tax breaks for oil corporations wanting to do business in the Arctic. They have sent a submarine to plant the Russian flag on the sea bed but complain about NATO's presence.
The Arctic is thought to contain 25% of the planet's undiscovered oil and gas, about 200 billion barrels of oil.
I am reminded of George Monbiot's speech at Klimaforum09 (alternative COP15):
We have already found more than enough fossil fuel reserves to cause extreme climate change. We don't need the Arctic reserves to do that. A fact so blindingly obvious since they are only becoming accessible because of the melting ice caps.