Uchenna Izundu
International Editor
LONDON, Nov. 22 -- Twelve companies have advanced to the prequalification stage under the first phase of Greenland's latest licensing round, which will close on Dec. 15. The results will be announced in March.
Greenland is offering eight blocks covering about 92,000 sq km for exploration off Disko-Nuussuaq, Central-West Greenland (OGJ, July 24, 2006, p. 28). Speaking at the PETEX conference in London on Nov. 21, Jens Christian Olsen of TGS-NOPEC Geophysical Co. said 13 companies had initially applied but declined to name them.
Olsen said only six wells have been drilled in Greenland. New seismic data from the Labrador Sea and Baffin Bay indicate a system of grabens and deep basins. There have been numerous oil seeps in Cretaceous sandstones and Paleocene volcanics in western Greenland.
"Greenland is near proven hydrocarbon systems," Olsen said, pointing out that Canadian territory, to the west and south of the main graben systems, has yielded gas and condensate discoveries.
On Aug. 1, 2007, the Greenland government will launch the second phase of its licensing round, which will close on Feb. 1, 2008. The blocks on offer will be those not awarded in the first phase. License awards will occur 3 months after the closing date.
Greenland is offering licenses with a maximum exploration period of 10 years, with a right to a 30-year extension for production.
Contact Uchenna Izundu at [email protected].
