NAALAKKERSUISUT, Greenland – Maersk Oil has approval from Greenland’s government to farm out 40% of an offshore license in Baffin Bay to Tullow Oil.
Following the transaction, Maersk will remain operator of block 9 (Tooq) with 47.5%, the remaining interest held by Greenland’s state oil company, Nunaoil.
“We are pleased with the agreement with Tullow, which allows us to share both knowledge and risk as we conduct exploration activities in this frontier area,” said Carsten Sønderskov, managing director of Maersk Oil Kalaallit Nunaat (Greenland).
“We have just successfully completed a 3D seismic survey in the area, after a comprehensive environmental impact assessment was carried out and approved by Greenland’s government. The decision whether or not to drill an exploration well will be made after the seismic evaluation has been completed. Therefore, any drilling is still years away and will only take place if we are certain we can do it safely,” he said.
Block 9 covers 11,802 sq km (4,557 sq mi). Maersk Oil is committed to acquiring 3D seismic data and initiating reconnaissance surveys in the first phase of the licensing agreement, which runs from 2011-2014.