EDINBURGH-BASED oil and gas explorer Cairn Energy has won licenses covering a vast area of territory off western Greenland.
The Capricorn exploration arm of the company, which is headed by former Scotland rugby international Sir Bill Gammell, has been awarded six offshore blocks in Greenland, making it the biggest winner in the latest licensing round.
The award covers
45,000 square kilometres of an area that has been dubbed the last frontier in oil and gas exploration.
It has been estimated that as many as 110 billion barrels could be contained in one province off Greenland, although only six offshore wells have been drilled in the last 30 years, with the last being in 2000.
Dr Mike Watts, exploration and new business director of Cairn, and chief executive of Capricorn, said: "We are delighted to have secured an interest in these six exploration blocks.
"Greenland is a true frontier country where oil and gas exploration is at an embryonic stage.
"We look forward to working closely with the authorities and our joint venture partners in Greenland as we commence our work programme activities."
Two of the awards cover areas to the south-west of Greenland, where licences have not previously been awarded.
Cairn has not disclosed details of the size of its proposed investment in the deal.
The full article contains 226 words and appears in Edinburgh Evening News newspaper.
