Race to exploit Arctic energy

Last Modified: 30 Aug 2007
By: Tom Clarke

Oil and gas companies are rushing to exploit the fact that the Arctic ice is retreating.

The Arctic oil and gas boom is already well underway. Indeed, Norway and Russia are already competing to transform this part of the Arctic. The next dash for gas is very much with us.

Channel 4 News's Tom Clarke traveled to the northern Norwegian town of Hammerfest, on the Barents Sea.

The Snow White gas field is a manifestation of the great polar race for energy. The gas has just been turned on, with Statoil paying millions on carbon emission taxes as it tests the system.