Cairn Energy, a company that is leading efforts to find oil and gas off the coast of Greenland, announced on 30 November that it is plugging and abandoning the final wells it drilled this year. The firm, based in Edinburgh, UK, has failed to find any commercially viable reserves after two years drilling eight offshore exploration wells at a reported cost of about US$1 billion. Market analysts speculated that the company might give up drilling in 2012, although other companies, including Shell, Exxon, Chevron and Statoil, hold licences to explore off Greenland.
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