Statoil Hands Back Greenland Exploration Licences

Published at 12:39PM - 17/01/15

Statoil has exited three of its licence areas in offshore Greenland. The three oil and gas exploration licences were returned late last year, but the company retained one final east coast licence which had a longer drilling deadline. A spokesperson said that Statoil had decided to hand back three of its licences because of the cost profile, assessment of the sub-surface potential and changing corporate objectives.

DONG Energy and GDF Suez have also returned three exploration licences, saying that the investigations were too expensive and risky.