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Oil companies throwing in the towel

Screen Shot 2015-01-12 at 08.45.23“Other companies – including Maersk, Cairn Energy (Scotland) and Shell (the Netherlands) – have postponed their plans for two years while they consider their options.”

From an article by CW published by the Copenhagen Post on 14 Jan 2015 under the headline:

Oil companies throwing in the towel in Greenland

Greenland’s dream of becoming the next oil mecca is fading. Three major energy companies – Statoil (Norway), GDF Suez (France) and Dong Energy (Denmark) – have given up plans to excavate oil in the ocean west of the world’s largest island.

Other companies – including Maersk, Cairn Energy (Scotland) and Shell (the Netherlands) – have postponed their plans for two years while they consider their options. Investing in oil excavation in Greenland is too expensive and uncertain, the oil companies contend.

“Never say never, but taking the current market situation into consideration – combined with the little infrastructure and huge environmental demands and challenging climate in Greenland – it will be very expensive to excavate these fields,” Johannes Finborud, the head of GDF Suez in Greenland, told Politiken newspaper.

FULL ARTICLE

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