BG Considers Exploration Offshore Greenland

BG Group is considering exploring for oil offshore Greenland's west coast. The possible participation in an upcoming licensing round comes after Phillips Petroleum and Statoil withdrew from the Greenland area following unsuccessful test well results in 2000. "We have had an initial look at Greenland and we are now assessing whether to participate in the licensing round, but nothing is certain yet," a BG spokesman said.

Greenland is going to launch its second licensing round in April, after a first round 10 years ago failed as no oil companies showed interest.

Later Statoil and Phillips were granted two licenses, Fylla and Sisimiut. Statoil and Phillips have no intention to participate in the upcoming licensing round. However, the Danish government is hopeful that other oil companies will come forward in April.

Greenland's authorities are expected to offer licenses in the area between parallels 63 and 68 degrees off the island's west coast, including the area under the Fylla and Sisimiut licenses.