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New Greenland licence award and extension

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The government of Greenland has awarded Greenland Gas & Oil (GGO) a 93.75% operating interest in a new licence 2018/40 to the north of the company’s existing licences through an open-door licence process. Nuna Oil holds the remaining 6.25%. The government has also approved an extension to the existing licences 2015/13 and 2015/14 through to 31 December 2020.

According to GGO Chief Executive Officer Mark Bilsland, this will allow the company to begin detailed planning for a drilling programme commencing in autumn 2020. He reports that in-house geological and geophysical work has confirmed substantial potential for hydrocarbon discoveries across eight different formations and play concepts, with total unrisked recoverable resource estimates remaining in the range of 300mn barrels (P90) to 28bn barrels (P10), with a P50 estimate of 3.3bn barrels.

Greenland Minister of Industry and Energy, Aqqalu Jerimiassen, said: ‘The government of Greenland is delighted that Greenland Gas & Oil has increased its licence holding and is actively planning for drilling activity. This marks a strong first step in our new oil and gas strategy, focusing initially on promoting onshore exploration activity.’

Investigating potential oil seeps onshore Greenland
Photo: GGO

News Item details


Journal title: Petroleum Review

Countries: Greenland -

Subjects: Policy and Governance, Oil and gas, Exploration and production, Energy policy

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