Oil Exploration Outfits News

Make no mistake about it: the Arctic is open for business. The cumulative environmental footprint of oil exploration outfits, merchant shipping, mining, eco-tourism and the cruise ship trades is thus far minor, but the potential for an exponential increase in commerce – especially if the climate trends now affecting the region continue – is seemingly limitless. For the maritime industry, the down side to this is as big as the most promising business opportunity to come along in decades. The utility of a Northern Sea Route that follows the Siberian coastline, producing impressive time and fuel savings, a reduced emissions footprint, and elimination of canal transit fees for shippers moving goods between Europe and Asia has already been proven.