Arctic allure fades for oil companies

Thanks to global warming, the Arctic is viewed as the next frontier for oil and gas companies. At least it was.

The agreement between BP and Russian oil giant Rosneft announced on Monday is said to give the British group a firm foothold in the Arctic, a region often hailed as a new frontier for oil and gas companies.

But the allure has faded with the rise of cheaper energy sources such as shale gas.

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