U.S., Canada to negotiate boundary to potentially oil-rich Arctic seabed

(Bloomberg) – The U.S. and Canada have agreed to begin negotiations over claims to an Arctic seabed that may be rich in oil and is of growing strategic importance as Russia and China ramp up their presence in the North.

The U.S. State Department and Global Affairs Canada will announce Tuesday a joint task force to negotiate the boundary of the Beaufort Sea, according to a person familiar with the discussions, asking not to be identified because the matter is not yet public.

The two countries have overlapping claims to the seabed north of Alaska, Yukon and Northwest Territories, which is thought to contain significant oil reserves. The Arctic is also a region that has become increasingly accessible and has drawn greater interest from Russia and China.

In a statement that’s expected to be released Tuesday morning, the U.S. and Canadian governments say they will work collaboratively toward a final agreement to clarify their Arctic maritime boundaries.

Lead image: The sun rises over the Beaufort Sea. (Photographer: Daniel Acker/Bloomberg)