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Indian company seeking to join Arctic oil rush

August 22, 2012

The Barents Observer reports that India’s giant ONGC is trying to gain access to one of Russain oil firm Rosneft’s oil leases in the Barents and/or Kara Seas in the Arctic.  Rosneft has similar deals with ExxonMobil, Italian firm Eni, and Norway’s Statoil.  The rush to secure Arctic resources is reminiscent of the late 19th century “Scramble for Africa,” which was then considered the “last frontier.”   The scramble for Africa was the last gasp of colonialism and a precursor to World War One.  We can only hope that the multinational status of these corporations and the cross-national interests they are serving will help to lessen the chances that global war erupts over this new “last frontier.”

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