Successful award of offshore exploration licenses to Greenland

12/26/2013

Successful award of offshore exploration licenses to Greenland

JAPAN -- JX Nippon Oil & Gas Exploration Corporation has said that through Greenland Petroleum Exploration, it was successful in the 2012/2013 Licensing Round in Greenland Sea Area, Greenland Self-Government, and won the two offshore exploration licenses, Block 9 and Block 14, in Kanumas Area, northeastern part of offshore Greenland, jointly with Chevron and Shell.

The Joint venture has also entered into the licensing contracts for Block 9 and Block 14 and concluded as 2013/45 License and 2013/46 License, respectively, with the Ministry of Industry and Mineral Resources of Greenland.

2013/45 License and 2013/46 License are located in Kanumas Area, 60-200 km northeastern part of offshore Greenland with a water depth of 150-450m and span area of 2,220 sq km and 2,634 sq km, respectively. Kanumas Area is a frontier area where no well has been drilled for oil and gas exploration, and many E&P companies expect major oil and gas discoveries.

In these exploration licenses, Chevron as the Operator, Shell and GreenPeX each holds 29.1667% participating interest while Greenland national oil company, Nunaoil, holds 12.5% participating interest. The aforesaid participants will conduct exploration activities including seismic acquisition etc. in these Licenses for the new discovery of oil and natural gas.

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