No battle looming over Arctic oil: Putin

By London correspondent Rachael Brown

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One quarter of the world's undiscovered oil and gas reserves is thought to lie beneath the Arctic ice.Russian prime minister Vladimir Putin has hosed down talk of an impending battle over the Arctic's mineral wealth.

The shrinking polar ice cap, making the territory more accessible, is fuelling a scramble by neighbouring countries for a slice of its underground minerals.

Russia, Norway, Canada, Denmark and the United States have all laid claims to territory in the region.

Mr Putin has told an international conference in Moscow he is confident the region's resources could be used in a spirit of partnership.

Mr Putin has told the conference there have been a lot of predictions about a looming battle, but he says none of these frightening scenarios have real foundation.

He says any territorial disputes will be resolved under international law.

The prime minister's speech was much anticipated given Russia's claim to control more than 1 million square kilometres beyond its current territorial waters, all the way to the North Pole.

The conference in Moscow is looking at international cooperation, but the 300 delegates are also likely to push their country's own claim to the Arctic's riches. (ABC news)

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