Ask a question about 'NUNAOIL'
Start a new discussion about 'NUNAOIL'
Answer questions from other users
is the national oil company
A national oil company is an oil company fully or in the majority owned by a national government. According to the United States Energy Information Administration, NOCs accounted for 52% global oil production and controlled 88% of proven oil reserves in 2007.Due to their increasing dominance over...
Greenland is an autonomous country within the Kingdom of Denmark, located between the Arctic and Atlantic Oceans, east of the Canadian Arctic Archipelago. Though physiographically a part of the continent of North America, Greenland has been politically and culturally associated with Europe for...
founded in 1985 as an equal partnership between the Greenland Home Rule Government and DONG Energy
-History:The Danish state company Dansk Naturgas A/S was founded in 1972 to manage resources in the Danish sector of the North Sea. After some years, the company was renamed to Dansk Olie og Naturgas A/S . At the beginning of 2000s, DONG started to extend itself into the electricity market by...
. It is a non paying partner in all license
The verb license or grant licence means to give permission. The noun license or licence refers to that permission as well as to the document recording that permission.A license may be granted by a party to another party as an element of an agreement...
s around Greenland.
During the 1990s the company was primarily involved in collecting seismic data as operator of a group of international oil companies in the regions of North East and West Greenland. It then switched its focus to gathering seismic data along the South West coast of Greenland, mapping large potential hydrocarbon trapping accumulations. As of 2000 Nunaoil has stopped acquiring seismic data as there has been sufficient interest by the seismic industry as a whole in undertaking this task.
It has also been involved in the licensing rounds recently off the west coast of Greenland by Baffin Bay
Baffin Bay , located between Baffin Island and the southwest coast of Greenland, is a marginal sea of the North Atlantic Ocean. It is connected to the Atlantic via Davis Strait and the Labrador Sea...
where it holds a minimum of 8.5% stake in all the blocks that have been licensed in the recent West Disko round.
In 2006 DONG Energy sold its shares in Nunaoil to the Danish State. According to the Act on Greenland Self-Government which came in force on 21 June 2009, the Danish State transferred its stake to the Government of Greenland.