Resource assessment

During 2018, NUNAOIL initiated a comprehensive resource assessment project. The aim of the project is to point towards those areas of Greenland which have the greatest petroleum exploration potential. All areas with relevance for oil/gas exploration will be evaluated. This has never been done before.

Seven assessment units (AU1 – AU7) have been established covering an area of more than 2,400,000 km2:

AU 1: Davis Strait and Labrador Sea
AU 2: Baffin Bay
AU 3: Offshore Disko West and onshore Disko-Nuusuuaq
AU 4: Central East Greenland
AU 5: North-East Greenland
AU 6: Southeast Greenland
AU 7: North Greenland

The results from the project will be publicly available at no costs. The project is estimated to take 3.5 years, and the results will be made public as soon as possible during that period. QC of the results will be made by the Norwegian Petroleum Directorate.

The project is being carried out in close co-operation with geologists from the Ministry of Industry and Energy, the Geological Survey of Denmark and Greenland (GEUS) as well as external international partners (GIS-pax) with NUNAOIL as project leader.

The project is based on all new geological knowledge and the many exploration data that have been acquired during the years. The project involves all geological knowledge about the petroleum resources in Greenland, which is available from Greenland and Denmark, and thus makes the project very unique.

The resource assessment project is mainly financed by already existing funds within NUNAOIL – the so-called KANUMAS funds, which have been accumulated in the company due to the sale of seismic data acquired by the KANUMAS group with NUNAOIL as operator during the period of 991 to 1994. The KANUMAS funds have to be spend on petroleum related projects like this one.