Explorers are looking closely at regions above the Arctic Circle these days. Breakthroughs have been made in a couple of huge Arctic developments: Norway’s Snohvit Field has begun deliveries of LNG, and Russia’s Shtokman Field, which is estimated to contain 130 Tcf of gas and 220 million barrels of condensate, just kicked off its first phase of development. On the drilling front, StatoilHydro has launched a two-year drilling campaign around Snohvit. And Russia is refitting an atomic-powered icebreaker that should be ready to drill Arctic wells in early 2009. Lease positions are being secured as well. In January, Greenland awarded oil and gas leases off its west coast, which is ice-free for nearly half of every year. Companies with acreage offshore west Greenland now include ExxonMobil, Chevron, EnCana, Husky and Cairn. Furthermore, Greenland is planning future land offerings for its northeast and northwest coasts. --Peggy Williams, Senior Exploration Editor, Oil and Gas Investor, pwilliams@hartenergy.com