China could be the future of Arctic oil - Opinion - Al Jazeera English

China could be the future of Arctic oil - Al Jazeera | Though China does not have jurisdiction in the Arctic Ocean, it aims to be the power behind drilling for Arctic oil. The Arctic may contain 10-15 percent of the world's undiscovered oil reserves, with most of that oil located in the seabed of the Arctic Ocean. And China, thanks to its financial rather than military strength, could take the lion's share. The US Geological Survey estimates there are 90 billion barrels of conventional oil north of the Arctic Circle, enough to fuel the entire world for three years at current consumption rates.