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Tariq Siddiqui's picture
COO, Upstream EP Advisors LLC

Oil & Energy | Business Development | Capital Projects | Offshore Wind -  Proven leader in offshore development and operations, with 25+ years’ expertise in managing business through cycles...

  • Member since 2021
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  • Jul 16, 2021
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The Giant is Dead - Cold!


      KEY-INSIGHTS

  1. the northeast of Greenland potentially contains up to 31.4 billion barrels of oil equivalent.
  2. Oil exploration has taken place since the 1970s, involving major companies such as Shell, Chevron, Exxon Mobil and Eni, but most drilling came up dry.
  3. There are only four active exploration and exploitation licenses left - three onshore in Jameson Land on the east coast and one offshore in southwest Greenland. Those licenses expire in 2027 and 2028.
  4. Beside environmental concerns, the decision was underpinned by economic analysis

 

BOTTOMLINE

It is a decision where climate considerations, environmental considerations and economic common sense  According to government; Suspending the current oil strategy is the right choice.The suspension came into effect on June 24, the government said.

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