CNPC considers arctic oil and gas extraction

CNPC is willing and able to participate in the cooperation for arctic oil and gas extraction, according to Sun Xiansheng, president of the CNPC Economics & Technology Research Institute.

His comment came at the Ninth "Arctic Frontier" conference on Jan. 19.

Sun said that the resource exploration of the Arctic requires national cooperation, and CNPC will give full play to its advantages in the project. In fact, CNPC has already signed a contract with Russian companies. The Chinese government is encouraging enterprises to "go global," which has provided a friendly environment for economic cooperation.

According to U.S. Geological Survey, oil and gas resources in the Arctic account for 22 percent of all the unexploited resources in the world.

The Ninth "Arctic Frontiers" Conference opened in Tromso, Norway on Jan. 18, taking "climate and energy" as its theme this year.

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