Greenland Oil Allure ‘Enormous’ on Ice Thaw, Prices
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Greenland’s energy bureau said it’s met “enormous interest” in licensing rounds planned for the next two years as rising oil prices and ice thaw fueled by global warming make Arctic exploration more feasible.
With crude oil rising to a 27-month high of $92.58 a barrel earlier this week and tighter legislation in the Gulf of Mexico threatening to hamper drilling there, oil companies are turning to less hospitable regions. Greenland awarded seven licenses last year to eight companies including Statoil ASA, Royal Dutch Shell Plc and A.P. Moeller-Maersk A/S. Cairn Energy Plc started drilling off Greenland’s west coast last year and said it found oil in one of its wells.