More Companies Join Hunt for Oil & Gas Offshore Greenland

West Greenland Licenses
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Two more licenses in the Disko West Licensing Round have been awarded.

A partnership consisting of DONG Energy, Chevron, ExxonMobil and NUNAOIL and one consisting of ExxonMobil, Husky Energy and NUNAOIL have each been awarded a license for exploration and exploitation of hydrocarbons. The awarded areas, block 4 and 6 respectively, are situated offshore West Greenland south and southwest of the island of Disko.

The licenses were signed by the Minister for Minerals and Petroleum Kim Kielsen and representatives from the involved companies on October 11, 2007. The signing took place at a ceremony held at the House of Hans Egede, and was followed by a press conference and a reception.

It is The Home Rule of Greenland and the government of Denmark who, after a recommendation from the Joint Committee on Mineral Resources in Greenland, have approved the awarding of the licenses regarding the Disko West Licensing Round 2006.

DONG Energy, Chevron and ExxonMobil each entered the partnership of the license for block 4 with a 29 1/6 % share, while NUNAOIL entered with a 12 % share. DONG Energy is the operator.

ExxonMobil and Husky each entered the partnership of the license for block 6 with a 43 3/4 % share, while NUNAOIL entered with a 12 % share. ExxonMobil is the operator.

In June 2007 Husky and NUNAOiL were awarded two licenses for exploration and exploitation of hydrocarbons for block 5 and 7 in the Disko West Licensing area. This means that Husky takes part in the exploration on 3 of the 8 blocks awarded in the Disko West Licensing Round.

Furthermore, the British company Cairn Energy PLC has applied for licenses for block 1 and 3. PA resources AB has applied for a license for block 8. This means that 7 of the 8 blocks that were offered now have been applied for. Applications regarding the second phase of the Disko West Licensing Round are to be handed in before February 1, 2008.

Information about the Licensees

DONG Energy is Denmark's largest energy company and has its headquarters in Skaebaek. The company has activities throughout the energy area. DONG Energy's oil and gas activities are primarily concentrated in the North Sea, where it has been active for more than 25 years. DONG Energy's daily production is around 50,000 barrels oil equivalents. DONG Energy has previous experience as a partner in the Qulleq-1 drilling in Greenland. The formal licensee of the DONG Energy concern is DONG Gronland A/S.

Chevron has its headquarters in San Ramon, California and is the second-largest energy company in the USA. Chevron has oil activities in more than 90 countries and a production of more than 2.5 million barrels of oil equivalents per day. Chevron has been active in the two oil-producing Hibernia and Hebron fields offshore east Canada, where the company has acquired experience in operating in icy waters with many parallels to the Disko West license area. The formal licensee of the Chevron Corporation is Chevron Greenland Exploration A/S.

ExxonMobil Corporation is the world's largest oil company with worldwide expertise in oil and gas exploration and production. Its headquarters is in Irving, Texas. ExxonMobil and its subsidiaries have a daily production of more than four million barrels of oil equivalents and more than eighty years of relevant arctic experience. The formal licensee of the ExxonMobil Corporation is Esso Exploration Greenland Limited.

Husky Energy is an oil company registered in Canada and with headquarters in Calgary, Canada. Husky has a daily production of more than 350,000 barrels of oil equivalents. The company has relevant experience from areas offshore eastern Canada. Husky operates and has a 72.5 percent interest in the 'White Rose' oil field offshore eastern Canada, which has a daily production rate of more than 100,000 barrels of oil equivalents per day. The formal licensee of Husky Energy Inc. is Husky Oil Operations Limited.

NUNAOIL A/S is the national oil company of Greenland. It was founded in 1985 and has a share in all hydrocarbon licenses in Greenland. NUNAOIL aims to generate and encourage new interest in oil and gas exploration in Greenland, and has in this context, among other things, acquired seismic data offshore Northeast and Northwest Greenland.

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