New Energy Basket of the World

The Arctic is changing and increasingly drawing the world's interest. The Potential for vast reserves of offshore oil and gas constitutes arguably the most attractive, yet challenging prospect in the region. The existing governance framework for offshore oil and gas activities in the Arctic region needs to be strengthened, especially in the area of oil spill prevention, containment, and response. The Key issue for concern is that there are no internationally binding rules for the prevention, reduction, and control of pollution caused by offshore hydrocarbon activities. The intent of this work is to express the worldwide concern and analyses the existing legal regulatory framework for hydrocarbon exploration in Arctic region. Another fundamental legal issue which this Dissertation addresses is the lack of clarity regarding the status of those sea areas that lie within a coastal states recognized continental shelf but outside its Exclusive Economic Zone or EEZ. For the past three decade, this ambiguity has attracted conflict of interest among the nation.