AP Photo

By any measure, it’s fair to say that the race for the Arctic is on. Exxon went first, followed by Italy’s Eni, before Norway’s Statoil put pen to paper over the weekend. What’s interesting about the deals is that they are being brokered as swap agreements; final details still need to be agreed, but Rosneft is gaining access to North American assets courtesy of Exxon, North Sea fields via Statoil, and North African plays from Eni, all in return for Arctic concessions. Rosneft can play up international credentials, Western majors can reassure investors that Russia is tied in this time round – don’t worry about the ‘E’ (expropriation) word, not under ...