Arctic seen as the 'new frontier ground'

FP:

"INUVIK, NWT -- Despite the glacial pace of progress of the proposed Mackenzie Valley gas pipeline, a new bright spot is emerging for energy development in

Canada's North -- some of the world's largest companies are mounting in the Beaufort Sea the first deep water exploration program in an Arctic environment.

Imperial Oil Ltd. with its parent, Exxon Mobil Corp., and BP PLC, said Thursday they are hoping to find oil in recently acquired leases whose geology is similar to that of the prolific deep waters of the Gulf of Mexico and offshore West Africa..."