Oil barrels (Photo: GettyImages)Statoil in Norway, owned at 70% by the state, has bought searching permissions in Greenland. This strengthens the status of Statoil around Greenland.

The seller is oil explorer Cairn Energy who sold 30% of their oil research permissions.

The reason is that Cairn wants to go into cooperation with a big company with experience of searching for oil in the Arctic.

Statoil is the frontrunner in that race.

Cairn spent more than anticipated in research in 2011, over 400 million pounds. Simon Thomson, says that Statoil´s experience will increase the odds of finding oil around Greenland.

"In Greenland, Statoil's extensive Arctic operating and development experience makes them the partner of choice for the Pitu block where we see significant potential," he said to the BBC.

Sources

BBC

News Feeds

Arctic Portal

Newsportlet

Interactive Data Map

Arctic Portal Maps

Arctic Portal Publications

Arcticdata