CNOOC licensed to seek Arctic oil

Energy giant accelerates search for foreign supply

China National Offshore Oil Corp (CNOOC), the country's largest offshore oil and gas developer, has become the first Chinese firm licensed to look for oil in the Arctic, a landmark step for overseas energy exploration for the world's second-largest economy.

CNOOC has partnered with Iceland's Eykon Energy in an application for a license to explore oil and gas resources in Arctic waters since last June.