The frontier exploration block is 11,802sq km and Nunaoil, Greenland’s national oil company, will be a partner with a 12.5% interest.
Any drilling activity will not start for another 3-5 years and will commence only after all environmental aspects of the operation have been fully assessed and addressed, the company said.
The company will immediately begin work on plans to establish a field research facility located in the Baffin Bay area, to be made available for use to the authorities, the industry and the scientific community at large.
The company also hopes the facility will be of benefit to Greenland and the environment as a whole.
