Noreco has pre-qualified as an exploration operator for the Greenland 2010 Baffin Bay Licensing Round. Greenland's Baffin Bay basin is considered one of the world's largest remaining hydrocarbon provinces and the USGS has estimated technically recoverable hydrocarbons to around 18 billion barrels of oil equivalents in the region. The potential remains to be confirmed as there has not yet been any drilling activity in the area.
The 2010 Baffin Bay Licensing Round covers about 151,000 km2. The area has been divided into 14 blocks varying in size between about 8,000 km2 and 15,000 km2. The deadline for applications is May 1, 2010, and only consortia which include a pre-qualified operator can apply. In total 13 oil companies have applied for pre-qualification.
An important part of Noreco's strategy is to create value through exploration. The geographical focus area is North West Europe. Greenland shares many of the same characteristics both with regards to geology and business conditions, and is therefore considered to represent a good strategic fit which in the longer term could give the company access to new high-impact exploration opportunities.
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