Greenland oil rush looms

Posted by Washington Post: Juliet Eilperin on May 8th, 2010
Bloomberg: Cairn Energy is betting $400 million this year on striking oil off Greenland, a campaign that will be closely watched by producers such as Exxon Mobil and Chevron that hold rights off the island. The potential rewards may justify the cost of Arctic drilling: Greenland's waters could hold 50 billion barrels of crude and gas, the U.S. Geological Survey estimates, enough to meet Europe's energy demand for almost two years. More companies are on the way. Royal Dutch Shell and Statoil were ......

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