Greenland ditches oil exploration efforts after 50 years of failure ...News

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Greenland ditches oil exploration efforts after 50 years of failure
source : Russia Today ( News ) () 12
Greenland is abandoning its ambition of 50 years of becoming an oil-producing nation, suspending its oil exploration strategy because of environmental and climate concerns. Greenland, an autonomous territory part of Denmark, has been trying to find oil reserves for 50 years, without success, and it now considers that the climate concerns are far greater than the potential benefits of becoming an oil producer, the government of Greenland says. According to one estimate from the US Geological Survey (USGS), Greenland’s offshore area, East Greenland Rift Basins Province, likely contains a mean estimate of 31.4 billion of barrels equivalen

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