UK firm finds oil off Greenland

An Edinburgh-based oil explorer has found oil for the first time off the coast of Greenland, it was announced today.

Cairn Energy – led by former Scottish rugby international and founder Bill Gammell – said it had discovered gas and two types of oil in drilling operations in the untapped Baffin Bay basin, although further analysis is needed.

The discovery offset news that the firm had abandoned an earlier well off Greenland, which caused excitement last month when Cairn announced it had found possible signs of oil.

It is writing off $84.2m (€99.5m) in costs after revealing the well was not a “commercial discovery”.

But shares leapt more than 3% ahead as investors cheered the latest oil hopes.

Gammell said: “The presence of both oil and gas confirms an active, working petroleum system in the basin and is extremely encouraging at this very early stage of our exploration campaign.”

Cairn is the only firm so far to have been granted permission to drill for oil offshore in Greenland.

Its discovery is expected to spark a rush of interest from the oil industry in the Arctic waters, although environmental campaigner Greenpeace has already raised concerns over drilling in the region following BP’s Gulf of Mexico disaster.

More in this Section

Manager at Cork bank begins action aimed at preventing termination of her employmentManager at Cork bank begins action aimed at preventing termination of her employment

Cork JCD  building to become Ireland's greenest building Cork JCD building to become Ireland's greenest building

British Airways flights delayed by ‘technical issue’British Airways flights delayed by ‘technical issue’

Google bans ads targeting political affiliationGoogle bans ads targeting political affiliation


Nip those winter ailments in the bud with the help of garden bounty. Fiann Ó Nualláin shows you how.Have a berry merry Christmas with the help of garden bounty

Dig a planting hole around three times the size of its pot and around the same depth, loosening the soil around the hole.Your quick guide to planting trees

The early morning routine is always the same. I get up, have a quick breakfast before helping my brother, who I live with, get his kids ready for school.Working Life with Dr Muslim Moula Buksh

You might be your parents’ favourite, but that doesn’t mean they actually have any baby pictures of you.9 things all youngest children know to be true

More From The Irish Examiner