Statoil, Cairn Join Forces to Explore Arctic Waters off Greenland

摘要

Norway’s Statoil will join Scotland-based Cairn Energy in its campaign to find oil and gas in Greenland’s Arctic waters, the two firms announced Monday. The agreement — which will see Statoil acquire a 30.625% working interest in the Pitu Block in Baffin Bay, leaving Cairn on 56.875% and Greenland state firm Nunaoil wtih 12.5% — marks the first farm-down agreement for Cairn since the conclusion last year of its unsuccessful two-year drilling campaign in the region, which cost $1.2 billion. Cairn has been seeking to farm-down in Greenland — where it operates 11 tracts — since December (IOD Dec.1’11).