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ARTICLE · 15 MARCH 2010

Greenland–Hydrocarbon Licensing Opportunities

Barlow Lyde & Gilbert LLP
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"Early entrants in frontier basins can become Basin Masters and offer shareholders transformational performance", or so said Dr Mike Watts of Cairn Energy recently in relation to Greenland.

United KingdomEnergy and Natural Resources
Humphrey Douglas
Humphrey Douglas
Aditi Kumar
Aditi Kumar

"Early entrants in frontier basins can become Basin Masters and offer shareholders transformational performance", or so said Dr Mike Watts of Cairn Energy recently in relation to Greenland. A US Geological survey, carried out in 2008, estimated that Greenland may have oil reserves of up to 50 billion barrels.

The regime

Greenland is a self-governing, currently Danish province, which increased its political autonomy following a referendum in 2008. Increasing hydrocarbon revenues are likely to also increase economic independence and may reduce the current Danish block grant.

The Greenland Government passed a new Mineral Resources Act ("Act") which came into force on 1 January 2010. The Act gives exclusive power to the Greenland Government over decisions relating to mineral resources in Greenland (replacing previously joint Greenlandic-Danish administration).

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