Greenland has untapped oil, gas and mineral resources but challenging climate, lack of infrastructure and high costs have put a damper on the eagerness to initiate major projects.
The three licenses Statoil has delivered back, located on the west coast of the largest island, while the company retains a license outside East Greenland. Here the company has a longer deadline to begin drilling.
– We have completed the work program and has no further obligation, and we see no potential to take on more obligations related to the relevant licenses, says press contact Knut Rostad.
Also Danish Dong and French GDF Suez have given up their licenses at Greenland. British Cairns Energy has been greatest in oil exploration in Greenland, but eight wells from 2010 and 2011 were not commercial. Statoil sold their licenses before the end of 2014. (© NTB)
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