Greenland’s Bureau of Minerals and Petroleum deputy director said that Greenland may hold more oil than the entire past production of the Northern Sea. According to the biggest producers from the region, Norway and Great Britain, estimates reach somewhere around 50 billion barrels.
With the set price of 100 USD, this would mean Greenland has $5 trillion fortune worth of oil. Greenland’s Minister of Foreign Affairs and Finance, Aleqa Hammond said that ‘This is an epoch-making time, and how we handle it will be of colossal significance’. And you can’t argue with that, if you consider what sort of economy Greenland will develop with a $5 trillion stimulus.
Chevron, Husky Energy and Exxon Mobil were awarded exploration licenses last October, and they are currently collecting seismic data to choose the best drilling sites. Global warming is helping the entire process, because the icebergs are melting and, therefore, facilitating oil extraction. It is estimated that a barrel of oil will cost $46 to get from these sort of areas, so the companies will have a profit of around $54 per barrel.
This might be the perfect example to prove the expression that ‘the first million is the most difficult to obtain’. The more money you have, the more simple ways to multiply them become. So, if by any chance you have enough funds to build a few oil extraction stations in Greenland go ahead; it would be one of the safest and most profitable investments in the world.
April 29th, 2008 at 1:56 pm
SO WHEN IS THE US GOING TO INVADE THOSE VIKINGS?
June 7th, 2008 at 4:37 pm
You know, the best thing about global warming is that it opens up areas in the arctic to explore and find more oil to cause more global warming. JC, when are we going to learn? I’m in awe at how stupid we are, and how much greed we are capable of. This is like tearing down our house and throwing it into the fireplace because we;re cold. Stupid stupid stupid stupid stupid.
June 8th, 2008 at 4:08 am
I remember seeing a show on the Discovery Channel about the possibility of inhabiting Mars. We would have to change the climate and it was deemed impossible. What makes us think we have the power to change the climate on Earth?
Global Warming, according to 32,000 scientists, is not man made. Al Gore is not a scientist he is a politician. He will not even debate them.
Variations in temperature are part of a cycle. Al Gore looking to get richer is part of his cycle.
I will believe in man made global warming when I see the Easter Bunny having tea with Santa Claus and the Tooth Fairy.
I suppose when vice president Dick Cheney leaves office you will believe him if he starts a campaign that little green men are in route from a distant planet to take all of our live stock and we must spend trillions to combat their assured arrival.