Dr Rob Huebert from the department of political science at the University of Calgary, called for Canada, Denmark, Russia and the US to balance national interest with international agreement in defining their territories on the Arctic continental shelf.

The region was in a period of unprecedented physical and economic transformation, said Dr Huebert. As ice diminished and oil prices soared at record rates, the shipping industry wanted to see a fair resolution to issues such as who controls the North West Passage and the Northern Sea Route, he suggested, but there was a lack of political will.

The North had never seen an international regime because previously it was either inaccessible or under the Cold War, he explained, but now regulatory cooperation was vital to ensure that everyone gains while protecting the environment.

'Right now we are seeing a resumption of national interest and we are heading for some stormy passages unless we make the effort to change, he warned. 'Handled correctly, it will facilitate your industry but handled badly it will hamper you regardless of the economic opportunities.'

The next round of meetings among Arctic states, which will include Norway, represented a key point of decision on the question of cooperation or conflict.

'Factors behind the scenes could potentially act as a flashpoint affecting the regime in which you conduct your business, he concluded. 'I don’t want to be the purveyor of polar peril but the fact is we are at a crossroads in 2008 for how this develops over the next few years.'