Greenland puts an end to unsuccessful oil adventure

Greenland has suspended its strategy to find oil in its underground and will not allow any future oil exploration in its Arctic waters or landmass, the government said late on Thursday. The government said its decision was underpinned by economic analyses, which showed low profitability related to oil exploration and that a large part of the unexplored oil potentials would be loss-making.

Greenland has suspended its strategy to find oil in its underground and will not allow any future oil exploration in its Arctic waters or landmass, the government said late on Thursday. "(The government) has assessed that the environmental consequences of oil exploration and extraction are too great," Greenland's minister of natural resources, Naaja H. Nathanielsen said in a statement.

"Suspending the current oil strategy is the right choice," Nathanielsen added. The government said its decision was underpinned by economic analyses, which showed low profitability related to oil exploration and that a large part of the unexplored oil potentials would be loss-making.