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Greenland stops oil exploration
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The country has been trying unsuccessfully to become an oil-producing region for half a century. Authorities say the “environmental impact of oil exploration and production is too great.”
In Greenland, the government has suspended its oil exploration strategy. About it informs Reuters on Friday 16 July.
Authorities will no longer issue oil exploration licenses, abandoning 50 years of efforts to become an oil-producing region.
Oil exploration in Greenland began in the 1970s. It involved Shell, Chevron, ExxonMobil and Eni, but most of the drilling was unsuccessful.
Now Greenland’s Natural Resources Minister Naaya Nathanielsen said the government “believes the environmental impact of oil exploration and production is too great.”
A 2007 U.S. Geological Survey report found that northeastern Greenland could potentially contain up to 31.4 billion barrels of oil equivalent underground. That said, interest in oil exploration in Greenland has declined over the past decade due to volatility in oil prices, as well as risks and higher costs of operating in Arctic waters. Economic analysis has shown that any development will bring either low income or losses.
“This is a solution in which climate considerations, environmental considerations and economic common sense go hand in hand,” concluded Nathanielsen.
Recall that earlier the largest glacier in Greenland has split… From the largest of the remaining Arctic ice shelves in the region, a huge chunk of ice broke, disintegrating into several icebergs. The glacier plays an important role in regulating the Arctic climate around Greenland.
Greenland ice sheet is melting catastrophically
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