(The Arctic circle, abundant in natural resources, especial in oil and gas resources, is estimated to hold more than 400Bboe (54.5 billion tons), about oneforth of the world’s undiscovered quantities, where is a strategic place for future oil and gas exploration and development. This paper, based on data from BP, IHS and USGS, analyzes statistically the discovered and undiscovered oil and gas resources in the Arctic circle. The former is chiefly concentrated in the US, Russia, Canada and Norway while the latter is mainly on 8 basins. Most gas resources are hosted in Kara in east Siberian basin and in Barents sea, the oil is in the Alaska north slope basin and its adjacent offshore are. This paper studies the exploration potentials in these three basins with most-abundant oil-gas resources and discusses the tactics for Chinese oil-gas companies to enter the Arctic circle.