Maersk Oil partners with Tullow Oil
OFFSHORE: Maersk Oil’s has decided to farm out of a 40 pct interest in its licence covering Block 9 in Baffin Bay, offshore Greenland, to Tullow Oil. Maersk Oil remains operator and now holds a 47.5 pct interest in the license, with Nunaoil, retaining its 12.5 pct.
Photo: Greenpeace.
“We are pleased with the agreement with Tullow, which allows us to share both knowledge and risk as we conduct exploration activities in this frontier area”, says Carsten Sonderskov, Managing Director of Maersk Oil Kalaallit Nunaat (Greenland).
“We have just successfully completed a 3D seismic survey in the area, after a comprehensive Environmental Impact Assessment was carried out and approved by Greenland’s Government. The decision whether or not to drill an exploration well will be made after the seismic evaluation has been completed. Therefore, any drilling is still years away and will only take place if we are certain we can do it safely”, Sonderskov says.
The frontier exploration block is 11,802 square kilometers. As operator, Maersk Oil has committed to acquiring 3D seismic data and initiating reconnaissance surveys in the first phase of the licensing agreement running from 2011 to 2014.
Source: Maersk Oil
