The latest report by the UN Intergovernmental Panel on Climate Change says the ice cap is warming faster than the rest of the planet and ice is receding, partly due to greenhouse gases.

This will facilitate the quest for oil, fish and diamonds in the now-frozen waters by creating new timesaving sea lanes, which could transform shipping the way the Suez Canal did in the 19th Century.

Oil and gas exploration in the Arctic is already moving full speed ahead. Russia, for example, is developing the vast Shkotman natural gas field off its Arctic coast, and Norwegians hope their advanced technology will find a place there.