Tuesday, January 5, 2010

Oil and Gas Drilling in Greenland to Begin This Summer

Development of the North is critical for our future - The production of Hydro-generated Hydrogen will require this level of investment. 

When the 748-foot Stena Forth plows into the deep waters of Greenland’s Disko West zone next summer, the advanced drillship will be taking the first crack at what could be the world’s biggest untapped reservoir of oil and gas. The ship, built by Samsung in South Korea’s Geoje shipyard just over a year ago, can drill to 35,000 feet, in 10,000 feet of water. It is being leased by Cairn Energy, making that oil company the first to drill in Greenland’s waters since five exploratory wells were sunk in the 1970s. The company had been planning to begin drilling in 2011, but announced in December that it was moving its schedule up by a year. The United States Geologic Survey estimates the country’s offshore reserves could hold 50 billion barrels of oil and gas, or nearly one-third of the arctic total. Read more.

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