Maersk Oil has postponed a decision on whether to drill for oil off the coast of Greenland.

Maersk Oil’s chief growth officer, Ebbie Haan, said: “As operator of the Baffin Bay, Block 9 exploration licence, Maersk Oil (and its partner Tullow Oil) agreed with the Greenlandic authorities in late 2014 to extend the first sub-period of the license by two years.”

Furthermore, Haan said that “the extension will allow for continued technical and commercial evaluation of any potential future opportunity before a decision to invest in any further activity is reached”.

Maersk Oil is the operator with partners Tullow Oil (40% interest) and state oil company Nunaoil (12.5% interest), leaving Maersk Oil with a 47.5% interest.

Source: www.offshoreenergytoday.com

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