Greenland: Major Resource Assessment Project well underwayOffshore Greenland. Source: NUNAOIL

Greenland: Major Resource Assessment Project well underway

Bold resource assessment project offshore Greenland aims to attract international exploration companies to Greenland.

In 2018, NUNAOIL initiated a comprehensive resource assessment project where the aim of the project was to establish which areas of Greenland have the greatest petroleum exploration potential, and all areas with relevance for oil & gas exploration are going to be evaluated.

Seven assessment units (AU1 – AU7) have been established, covering an area exceeding 2,400,000 km2: Davis Strait and Labrador Sea (AU1), Baffin Bay (AU2), Offshore Disko West and onshore Disko-Nuusuuaq (AU3), Central East Greenland (AU4), North-East Greenland (AU5), Southeast Greenland (AU6) and North Greenland (AU7).

Resource Assessment Area Units 1-7 (AU1-7). Source: NUNAOIL

This major project headed by NUNAOIL, is being carried out in close co-operation with geologists from the Ministry of Industry and Energy, the Geological Survey of Denmark and Greenland (GEUS) as well as external international partners.

The project is based on geological knowledge about the petroleum resources, available from both Greenland and Denmark, as well as all data ever acquired offshore Greenland making this project comprehensive and unique.

Significance of the project

According to NUNAOIL’s Managing Director, Signe Ulfeldt Hede, “the project is not only important for NUNAOIL and Greenland in terms of strategic decisions and planning for future licensing rounds, but also for international oil companies who may be interested in doing exploration in Greenland. Using the results from this project, the companies will be guided towards the most prospective areas and this will hopefully make their company decisions easier.”

Current status

Ulfeldt Hede also informs that “The Norwegian Petroleum Directorate has just performed a successful QC of the methodology used in the project and the preliminary results for the first assessment area (AU1), which is now close to be finalized.”

The resource assessment project is mainly financed by already existing funds within NUNAOIL; the so-called “KANUMAS funds”. The funds have been accumulated in the company following sale of seismic data acquired by the KANUMAS group, where NUNAOIL was the Operator 1991 – 1994. The KANUMAS funds are to be spent on petroleum related projects. The project is estimated to take 3.5 years, and the results will be made public as soon as possible during this period, at no costs for interested companies.

More details about the Resource Assessment project can be found in a future article in GEO magazine.