Nunaoil is the
national oil company A national oil company (NOC) is an oil and gas company fully or in the majority-owned by a national government. According to the World Bank, NOCs accounted for 75% global oil production and controlled 90% of proven oil reserves in 2010.
Due to thei ...
of
Greenland
Greenland ( kl, Kalaallit Nunaat, ; da, Grønland, ) is an island country in North America that is part of the Kingdom of Denmark. It is located between the Arctic and Atlantic oceans, east of the Canadian Arctic Archipelago. Greenland i ...
founded in 1985 as an equal partnership between the
Greenland Home Rule Government and
DONG Energy It is a non-paying partner in all
licenses around Greenland. It handles oil exploration, while import of oil for local need is handled by
Nukissiorfiit
Nukissiorfiit is a government-owned Greenland energy company. Nukissiorfiit means "where energies are created". The company supplies most of Greenland with electricity, water and heat. Most of the electricity is produced by hydro power such as the ...
.
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 off the west coast of Greenland by
Baffin Bay 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.
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Nunaoil has been ranked no. 66 in the Arctic Environmental Responsibility Index (AERI) that covers 120 oil, gas, and mining companies involved in resource extraction north of the Arctic Circle.
[Overland, I., Bourmistrov, A., Dale, B., Irlbacher‐Fox, S., Juraev, J., Podgaiskii, E., Stammler, F., Tsani, S., Vakulchuk, R. and Wilson, E.C. 2021. The Arctic Environmental Responsibility Index: A method to rank heterogenous extractive industry companies for governance purposes. ''Business Strategy and the Environment''. 30, 1623–1643. https://onlinelibrary.wiley.com/doi/10.1002/bse.2698]
See also
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Petroleum exploration in the Arctic
The exploration of the Arctic for petroleum is considered to be quite technically challenging. However, recent technological developments, the melting of Arctic permafrost, as well as relatively high oil prices, have allowed for exploration. As a ...
References
External links
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{{DEFAULTSORT:Nunaoil
Companies based in Nuuk
Oil and gas companies of Greenland
Industry in the Arctic
Greenland
Greenland ( kl, Kalaallit Nunaat, ; da, Grønland, ) is an island country in North America that is part of the Kingdom of Denmark. It is located between the Arctic and Atlantic oceans, east of the Canadian Arctic Archipelago. Greenland i ...
Non-renewable resource companies established in 1985
1985 establishments in Greenland