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Wednesday, June 5, 2013

Add The Chinese To The List Of "Everyone" Looking To Drill The Arctic For Oil

Back on May 11, 2013, it was noted that "everyone" except the US was looking to drill for oil in the Arctic:
President Obama won't have to worry about any "conflict" in the Arctic. As long as the US stays out, the Canadians, Danes, Norwegians, and Russians will be more than happy to split the spoils. If the president can't even come to a decision on a pipeline, he will never come around to a decision on the Arctic.
It turns out that "everyone" will include two more countries: Iceland and China. Rigzone is reporting
China National Offshore Oil Corp., or CNOOC, is partnering with Iceland's Eykon Energy in an application for a license to explore and produce oil and gas in Arctic waters offshore Iceland, the country's hydrocarbon licensing manager told Dow Jones Newswires Wednesday.
If the application is successful and a license is awarded, it would mark the Chinese company's first foray into offshore Arctic oil drilling, a new area the industry's biggest players are scrambling to enter in efforts to replenish reserves, but which has become increasingly controversial.
And so it goes. It looks like the table will be set for six: Russians, Canadians, Danes, Norwegians, Chinese, and the Icelanders. The US will most likely be a spectator.

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