Japan Petroleum Exploration Co., Ltd. has announced that through Greenland Petroleum Exploration Co., Ltd., it was successful in the 2012/2013 Licensing Round in Greenland Sea Area, Greenland Self-Government, and won the two offshore explorations licenses, Block 9 and Block 14, in Kanumas Area, northeastern part of offshore Greenland, jointly with Chevron and Shell.
The Joint venture has also entered into the licensing contracts for Block 9 and Block 14 and concluded as 2013/45 License and 2013/46 License, respectively, with the Ministry of Industry and Mineral Resources of Greenland.
2013/45 License and 2013/46 License are located in Kanumas Area, approximately 60-200 km northeastern part of offshore Greenland with a water depth of approximately 150m to 450m and span area of 2,220 km2 and 2,634 km2, respectively. Kanumas Area is a frontier area where no well has been drilled for oil and gas exploration, and many E&P* companies have taken their interests for expected major oil and gas discoveries.
In these exploration licenses, Chevron as the Operator, Shell and Greenland Petroleum each holds 29.1667% participating interest while Greenland national oil company, Nunaoil, holds 12.5% participating interest. The aforesaid participants will conduct exploration activities including seismic acquisition etc. in these Licenses for the new
discovery of oil and natural gas.
Press Release, December 24, 2013