It appears that China and Greenland are looking at an interesting new combined natural resources arrangement.
Although it has yet to be proven, there may be as much as 50 billion barrels of oil and gas underground in Greenland and the government is currently planning to release oil exploration licences in 2021. Two of China’s top petroleum giants have already met with Greenland authorities to discuss plans.
“We’ve held meetings with the two companies and told them about Greenland’s bidding rounds and oil potential,” Jørn Skov Nielsen, a spokesperson for Greenland’s Energy Ministry, according to reports in the Copenhagen Post.
The climate is one barrier to entry in the oil industry but with oil prices currently rising, the prospect appears more appealing, if not totally viable, just yet.
At the same time, Greenland is experiencing the effects (and hazards) of climate change with global warming melting ice caps of inland glaciers...and Greenland is planning to market clean water that has been frozen for 50,000 years to China for its insatiable bottled water market. The government has commissioned the Geological Survey of Denmark and Greenland (GEUS) to locate areas suitable to tap and produce the clean water. So far (Copenhagen Post), six areas on the western coast of the island have been discovered – one of which has already yielded a licence to the firm, Inland Ice. The five others will be sent for a bidding round later on. All six sources live up to EU standards for clean drinking water.