Statoil is to begin drilling in waters off Greenland.
The oil giant and its partners Shell and GDF Suez have been awarded two large exploration blocks in west Greenland.
“We are looking forward to exploring these new frontiers,” said Tim Dodson, Statoil’s senior vice-president for global exploration.
He said that while the “probability of discovery” was uncertain, “the potential reward of one or more sizeable discoveries may be high”.
This is not the first time Statoil has carried out activities in Greenland. In the 1990s, the company drilled an exploration well in the Fylla area west of Greenland, but Statoil relinquished this exploration license in 2002.