Maersk Oil partners with Tullow Oil offshore Greenland with 40% farm-out of license

Source: Maersk

Naalakkersuisut, Greenland’s Government, has approved Maersk Oil’s farm out of a 40% interest in its licence covering Block 9 (Tooq) in Baffin Bay, offshore Greenland, to Tullow Oil plc (Tullow).

Maersk Oil, part of A.P. Møller – Mæersk A/S, remains operator and now holds a 47.5% interest in the license, with Greenland’s state oil company, Nunaoil, retaining its 12.5%.

“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.

The frontier exploration block is 11,802 square kilometers. As operator, Maersk Oil has committed to acquiring 3D seismic data and initiating reconnaissance surveys in the first phase of the licensing agreement running from 2011 to 2014.

For more information please contact Head of Exploration Lars Nydahl Jørgensen via Maersk Oil Communications on +45 3363 8267.

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