DRILLING for oil kicked off in Greenland's Arctic waters last week - just weeks after the Deepwater Horizon leak was finally plugged - angering environmental groups. Cairn Energy, based in Edinburgh, UK, is the first company to explore Greenland's waters for oil. It won't be the last.

Interest in the Arctic - which holds 13 per cent of the world's remaining oil and 30 per cent of its gas - is booming, driven by the rising price of oil and a shortage of other places for multinational companies to drill.

This is absolute madness.