NUNAOIL A/S

NUNAOIL A/S is Greenland’s national oil company (NOC) and is an active partner in all exploration and exploitation licenses in Greenland. The company therefore has great insight into the hydrocarbon exploration which takes place on the offshore areas of Greenland. NUNAOIL participates in the exploration licenses on behalf of Namminersorlutik Oqartussat (the Government of Greenland) and collaborates with various international oil companies on the exploration of commercial deposits of oil and gas in Greenland.

Being a carried partner in the exploration phase in all hydrocarbon licenses in Greenland, NUNAOIL participates on equal terms with other partners in the licenses. NUNAOIL’s status as a carried partner entails that the other companies pay the company’s costs during the exploration phase. The company’s ownership interest in the licenses varies from 8% in ‘open door’ areas to 12.5% in the other licenses. Thereby, the financial risk – the exposure – is minimised during the exploration phase. The commitment to the licenses equals that of the other partners – the major international oil companies – and the company therefore strives to retain technical, geological, legal and commercial knowledge and knowhow in Greenland.

NUNAOIL is the only company in Greenland with detailed know-how of and insight into all license conditions which is a great responsibility and of major benefit to the company and, hence, Greenland. Know-how of local and regional geology is crucial to understanding the subsurface and the potential for discovering hydrocarbon deposits in future

THE ONLY NATIONAL OIL COMPANY ONLY IN THE ARCTIC

On behalf of the Greenland Self-Government NUNAOIL participates in every license in Greenland.

Carries out open acreage evaluations and prospect assessments.

Strong focus on mitigating exploration, physical and logistic risks especially by the use of technology and building alliances.