Arctic Energy: Alliances and Realignments

The Arctic is geopolitically and economically important, with the U.S. and Russia tending to shape the region's future, influencing international relations, maritime transport, technology development, and security measures. The two countries will also accelerate the exploration and extraction of hydrocarbons and critical raw materials, such as copper, cobalt and rare earths.

On the northern coasts of the continents surrounding the North Pole is found Countries such as Finland, Sweden and Canada have rich resources and are in no way inferior to Greenland. As a logical consequence, major oil companies would be interested in developing rapid gas extraction activities, including the Arctic Circle, with the aim of meeting the projected needs for artificial intelligence and data centers.

In this context, Exxon and Chevron have recommended hedge funds in particular for the construction of gas-fired power plants, with the aim of powering data centers. These plants are designed to capture and store carbon and are expected to reach 4 gigawatts in total by 2027, at a cost of billions of dollars. The U.S. and Russia agreed in Riyadh two months ago on "joint projects in the Arctic," which is thought to hold 13 percent of the world's uncertified oil and 30 percent of untapped gas reserves.

"TA NEA -  Εντυπη  και   Online Εκδοση - Οικονομία - May 8, 2025"  

Yannis Bassias  - Translation from Greek

Αρκτική ενέργεια: συμμαχίες και ανασυντάξεις - ΤΑ ΝΕΑ