Abstract

The Arctic has for long been a portion of the earth surface that is characterised by severe atmospheric condition as a result of the huge amount of ice formations. As a matter of fact, about seventy five percent of the arctic regions are inhabitable due to the extreme coldness of the area. Over time, countries of the world especially those who surround the region do not see much importance in the sovereignty of the region despite the vast resources underneath the ice formations. With the recent depletion of the ozone layer and the attendant consequence of the melting of the region, the arctic is becoming more and more accessible with the modern sophisticated vessels. It has also been recently discovered that about 25% of World's undiscovered oil and gas remain locked up deep beneath the frigid waters. Hence the recent global energy crisis will definitely draws the attention of every country on the arctic axis to exert some form of ownership or the other over the region. This paper will therefore examine the controversy surrounding the ownership of the arctic vis-a-vis the traditional ownership theories and the recent UNCLOS regime as it affects the arctic.