National Law Review: Oil and gas in Greenland – Still on Ice?

Greenland is the world’s largest island. It covers an area of approximately 2.2 million square kilometres and has over 44,000 kilometres of coastline. Despite its huge size, only 14 wells have been drilled offshore Greenland in the last 40 years. This article explores the evolution of oil and gas exploration in Greenland and considers why, despite Greenland’s considerable potential hydrocarbon resources and supportive political environment, Greenland continues to struggle to sustain a thriving oil and gas industry.

Greenland’s estimated oil and gas potential: In 2008 the US Geological Survey conducted the Circum-Arctic Resource Appraisal focusing on all areas north of the Arctic Circle. Based on the estimates from this appraisal, the three major basins around Greenland are believed to hold up to 52 billion boe of potential oil and gas resources.
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