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Exxon nabs Arctic oil deal with Russia

Exxon Mobil has won a deal to explore oil in the Russian part of the  Arctic region. The company reached a deal with Rosneft, Russia's state oil company -- earlier this year, a similar deal was reached between Rosneft and British oil giant BP, but Exxon has taken BP's place in the latest agreement. 

Meanwhile, France's ambassador to the polar regions, Michel Rocard, commented that Canada appears to have given up competing with Russia for Arctic commercial shippping traffic. 

A Globe and Mail editorial said that Canada appeared to be "missing the boat" on Arctic development in favour of preserving the environment. 

"It may be that the country prefers the Northwest Passage as it is, a slightly-used backwater that best protects the fragile Arctic ecosystem and the traditional Inuit way of life. But if Canadians favour sustainable development in the north, and jobs for northerners, then they are in danger of missing the boat."

Read more about the issue here. 

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