The arctic region is the latest new frontier for the oil and gas industry. It is estimated that 22% of the world's available oil and gas is within the Arctic Circle; the region could hold as much as 90 billion barrels of oil and more than 1,500 trillion cubic feet of natural gas. More than 90% of Russia's gas reserves lie within this area and Russian gas giant Gazprom has gone on record as saying that offshore field developments to 2020 will drive orders for more than 10 production platforms and more than 50 ice-class tankers, plus other specialized ships.
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