China gets licence to explore oil in Arctic Sea
- Chinese Oil Company had won a bid to explore oil in Arctic sea off Iceland’s northern coast.
- Aftermath of Europe financial crisis Iceland’s economy suffered hugely and now it is exploring ways to boost its economy by using oil resources.
- According to estimates Arctic sea holds 13 per cent of the oil and 30 per cent of the natural gas yet to be explored in the planet.
- Arctic crisis on Oil exploration
- Arctic Council