CNOOC gets ap­proval to seek Arc­tic oil

China Daily (Canada) - - NEWSCAPSULE -

China Na­tional Off­shore Oil Corp (CNOOC), the coun­try’s largest off­shore oil and gas de­vel­oper, and its part­ners have been granted a new off­shore li­cense to look for oil in the Arc­tic.

Ice­land’s na­tional en­ergy author­ity, Orkustof­nun, granted the li­cense in Jan­uary, CNOOC said.

CNOOC has part­nered with Ice­land’s Eykon En­ergy for a li­cense to ex­plore for oil and gas in Arc­tic wa­ters since last June.

CNOOC is the first Chi­nese firm li­censed to look for oil in the Arc­tic, a land­mark step for over­seas en­ergy ex­plo­ration for the world’s sec­ond-largest econ­omy.

CNOOC as the project’s ma­jor op­er­a­tor will have a 60 per­cent share, Ice­land’s Eykon En­ergy 15 per­cent and Pe­toro Ice­land 25 per­cent. (Photo 5)

LAI XINLIN / FOR CHINA DAILY

Luo Jin­shan, a mi­grant worker from Sichuan prov­ince, shows how to pi­lot a ro­tary-wing air­craft in Shang­hai. Luo built the air­craft by him­self over eight months at a cost of around 40,000 yuan ($6,580). He suc­cess­fully tested it in Jan­uary, trav­el­ing about 100 me­ters at a height of 1 me­ter.

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