In September 2011, Vladimir Putin announced a program to begin offshore oil and gas exploration and drilling in the Russian Arctic. Putin is also interested in creating new sea terminals, which he said would rival the Suez and Panama Canals. In 2008, the U.S. Geological Survey (USGS) estimated that 13 percent of the world’s undiscovered oil and 30 percent of the world’s undiscovered gas lay beneath the Arctic Seas. The United States, Canada, Norway, Greenland, and Russia, which make up the Arctic 5, are each interested in tapping these Arctic energy reserves.