“We are holding talks with Norway and we were able to reach an agreement on one of the disputed areas, and it has already come into effect,” Sergey Lavrov said.

If 100,000 years from now someone descends to the Arctic seabed, they will see a Russian flag there. This was the proud statement from the leader of an expedition which planted the flag beneath the icy waters. The mission dived down two years ago to prove that the so-called Lomonosov Ridge is an extension of Russian territory.

But it never received any official confirmation from the UN.

But tension over the ice is already in the air. Russia has announced it is considering sending special Arctic troops to protect the region's vast natural reserves, while Norway has promised to build military bases in the far north.

Other Arctic countries have also laid claim to the ridge. Denmark, for example, says it is part of Greenland.

Experts say developing the reserves may never pay off, bearing in mind current prices for oil and gas. Also, the deposits lie hundreds of kilometers from any of the countries and as yet, none have the experience or the technology to extract them.

“The Norway shelf has already been exploited for over 40 years and over half of the supplies have been extracted. The so-called ‘Grey Zone’ is an area of conflicting interests, as it is very fruitful,” said Anatoly Zolotukhin, Vice President of the World Petroleum Council.

So, one of the coldest places on earth that holds an untapped quarter of the world's energy reserves is proving a hot spot for the countries that want to get their hands on them.