French energy giant GDF Suez (GSZ.FR) Wednesday said it has signed its official entry into two gas and oil exploration licenses with the Greenlandic Ministry of Industry and Mineral Resources, and has a share of 26.3% in each license.
French energy giant GDF Suez (GSZ.FR) Wednesday said it has signed its
official entry into two gas and oil exploration licenses with the Greenlandic
Ministry of Industry and Mineral Resources, and has a share of 26.3% in each
license.
A consortium involving GDF Suez, Royal Dutch Shell PLC (RDSB) and Statoil ASA
(STO) has been granted two offshore exploration licenses in Blocks 5 and 8,
located in the
Baffin Bay
, west of
Greenland
, GDF
said in a statement.
Nunaoil, the National Greenlandic Oil Company, will have a carried interest of
12.5% in each of the licenses during the exploration phase.
Blocks 5 and 8 cover around 20,000 square kilometers. The total exploration
period of the license will last 10 years, until 2020. First drilling is
envisaged after 2015. If successful, the exploitation phase will be granted for
minimum 30 years.
"This is a significant move for GDF Suez in the highly prospective Arctic
zone, which contains 22% of world yet-to-find potential of which 74% is
gas," the company's Executive Vice President Jean-Marie Dauger said in the
statement.
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