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China is the world's second-biggest importer of crude oil and its companies are on the prowl for oil all over the world.
By 2015, its oil companies are expected to produce more oil outside of China's borders than Kuwait pumps, according to the International Energy Agency.
The global Chinese search for energy has put a new region on the top of its agenda: Arctic oil.
The Arctic oil race is heating up as more countries look for paths in to this new hot source of energy profits.
You see, with the warming and melting of the Arctic ice cap, it is becoming easier to possibly exploit the energy riches that lie beneath the cold waters.
Money Morning Global Energy Strategist Dr. Kent Moors discussed the search for Arctic oil and gas in a recent article. Moors said the long-awaited U.S. Geological Survey's Circum-Arctic Resource Appraisal study found that 84% of the total undiscovered oil and gas left on the planet is located above the Arctic Circle. The oil and gas are mainly offshore and in three large basins that lie under shallow seas.
The vast potential of the Arctic for oil and gas piqued the interest of nations with territory north of the Arctic Circle such as the United States, Canada, Russia and Norway.
But it also got the attention of countries – like China – with no direct claim there, but with an increasing appetite for energy.
The Race for Arctic Oil: China and Iceland