COPENHAGEN: Greenland’s dream of becoming the next oil center is fading and three major energy companies Statoil, GDF Suez and Dong Energy have given up plans to excavate oil in the ocean west of the world’s largest island.
Investing in oil excavation in Greenland is too expensive and uncertain, the oil companies contend. Other companies including Maersk, Cairn Energy and Shell have postponed their plans for two years while they consider their options.
Johannes Finborud, the head of GDF Suez in Greenland said 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.
