Oil found in Greenland

Release Date: 2010-09-21

Cairn Energy confirms presence of offshore oil reserves

Scottish-based oil company Cairn Energy announced this morning that it has found promising deposits of oil off the coast of Greenland.

Cairn Energy made headlines a few weeks ago when it struck hydrocarbons in the same area, an indication of oil and gas deposits.

Cairn Energy CEO Bill Gammel said the firm has found promising deposits of oil in the Alpha-1S1 well off Greenland’s western coast. Gas has been found before in Greenland, but this is the first time the presence of oil has been confirmed.

‘The presence of both oil and gas confirms an active, working petroleum system in the basin and is extremely encouraging at this very early stage of our exploration campaign for the Sigguk block and the entire area,’ said Gammel.

Last week Cairn announced plans to invest $1 billion over the next three years to exploring for oil and gas in Greenland.

Source: www.denmark.dk

Republished on www.denmark.dk courtesy of The Copenhagen Post

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