Summit asks who owns the Arctic?

(02:03) Report

May 28. - Representatives from five Arctic countries are meeting in Greenland to discuss sovereignty over what is thought to be an oil-rich Arctic Ocean.

The Arctic could hold up to one-quarter of the world's undiscovered oil reserves. Canada, Denmark, Norway, Russia and the United States are squabbling over huge tracts of the Arctic seabed and Denmark has called them together for talks in its self-governing province to avert a free-for-all of the region's natural resources.

Sonia Legg reports.

SOUNDBITES:

Norwegian Foreign Minister Jonas Gahr Store

Greenland Minister Hans Enoksen (left) saying/and Greenland Minister for Finance and Foreign Affairs translating,(Greenlandic/English):
"I like to stress that my kind has been living and surviving in the Arctic for thousands of years. People have survived the harsh arctic climate by adaptation skills, expertise and knowledge. So we appeal to the international community to acknowledge, learn and benefit from that."