Tullow takes stake in Greenland site

Tullow Oil has added Greenland to its increasingly diversified international presence — takinga 40% stake in a licence located in Baffin Bay.

The Irish-founded exploration company — whose traditional focus is Africa — is buying into Block-9 of the Tooq licence off the western coast of Greenland, which is operated by Danish oil and gas giant Maersk.

While the agreement had been in place with the Danish company, it was announced yesterday that formal approval has been granted by Greenland’s government.