Greenland Exploration Plans Left Behind by Ailing BP

In the face of the recent Gulf of Mexico disaster, British energy and exploration giant BP was forced to put a stop to its ambitious plans of delving further into the bountiful Greenland. The company’s representatives announced today that they have officially withdrawn their bid for a drilling license, and instead will focus their energies on dealing with the spill’s aftermath.

The Arctic region has recently been deemed as the latest hotspot for deepwater exploration, and has attracted massive amounts of attention, as companies and investors look to move away from the addled Gulf and venture into new territory.

BP’s withdrawal from the project is an alarming sign for the company that perhaps bouncing back into the business swing of things will not be so easy for the once revered and highly innovative oil giant.

Greenland’s bureau of oil exploration that has been working on the final list of license contenders has stated that a finalized list will be released in the next week. There are rumors circulating the industry that the nation’s official made a specific point to remove BP from the list of contenders for fear of its tarnished reputation affecting the region’s own reputability. Yet these rumors have been denied by both the country’s oil industry and the British company. BP officials added that their decision to exit the race came after extensive discussions and meetings with Greenland’s government, which concluded in both sides agreeing that involving BP in the operation would be rather uncouth.

Considering that the accident- free and safety- minded Cairn’s bid has also been rejected, it appears that even considering BP for the project would have been unthinkable.

Still, BP backing off from the new and largely unexplored grounds of Greenland is a bad sign for the company which has proven time and time again its willingness and innovation in exploring untouched frontiers. The company has previously paved the ways for oil exploration in Russia, Angola as well as other regions that were at that point largely unknown. Even the ill- fated Gulf of Mexico project that would prove to be the company’s eventual plunge into scandal was another example of BP breaking new ground in their field. That bravado and technical prowess established the company as one of the leaders of the industry.

It now looks as though some of that industry’s higher ranks have black- listed BP as a company non grata, especially in global regions where environmental competency has been deemed as key.

The Arctic region is an extremely delicate area that needs for the drilling company to approach it with serious care. Due to the severely cold conditions of its waters, any spill that could occur in the area would likely prove far more harmful and damaging than those happening in regular weather states. Unlike warm water spill, the oil from which tends to dissolve rather rapidly; oil spills that occur in sub- zero temperatures usually linger for long stretches of time.