Canadian company seeks Greenland oil

By NUNATSIAQ NEWS

Oil deposits worth about $4 billion are thought to be lying in two marine areas off the coast of Nuuk, says the Danish newspaper Jyllandsposten.

A Canadian oil company, EnCana, plans to start drilling by 2008. This will be the first time since 2000 that there has been drilling for oil in or near Greenland.

A study of the seabed shows strong indications of large oil deposits.

“Of course, we don’t know for certain if this will prove to be correct. However, EnCana is one of the world’s 10 largest oil companies and they are so confident in these areas that they are willing to spend more than half a billion krøner ($100 million) on these exploration wells,” said Jørn Skov Nielsen, head of Greenland’s minerals and petroleum department in Nuuk.

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