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Wiz Imp

(8,700 posts)
7. First of all, there really isn't that much oil & gas there
Fri Mar 28, 2025, 11:45 PM
Mar 2025
https://www.opendemocracy.net/en/oureconomy/greenlands-government-bans-oil-drilling-leads-indigenous-resistance-to-extractive-capitalism/

Earlier this year, the US Geological Survey estimated that the region’s rocks contain 13% of the world’s undiscovered oil, and 30% of undiscovered gas – carbon sinks which have been greedily eyed up by states and oil companies alike. And many of these reserves lie in the seas west of Greenland – where there are an estimated 17.5 billion undiscovered barrels of oil, enough to supply the whole planet for six months, at current usage rates.


6 months worth isn't really a lot. More importantly, the cost of extracting the oil and gas currently Makes it extremely questionable if it's even economically feasible to try to tap it now. What's the point of drilling for oil if the process of drilling costs more than the value of the oil that you could extract?

https://www.csis.org/analysis/seizing-greenland-worse-bad-deal#:~:text=However%2C%20the%20economic%20feasibility%20of,due%20to%20environmental%20impact%20concerns.

However, the economic feasibility of resource exploration has been hampered by the territory’s remoteness and harsh weather, poor infrastructure, and a 2021 political decision to suspend the issuance of new licenses for oil and gas exploration due to environmental impact concerns.

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