British explorer Tullow Oil has bought a 40 per cent interest in a block belonging to Maersk Oil offshore Greenland.
Maersk Oil will continue to act as operator of the Tooq licence in North West Greenland with a 47.5 per cent interest.
The oil industry hopes to open up a new multi-billion oil province in the seas around Greenland but drilling in the pristine Arctic is strongly opposed by environmental groups who claim cleaning up a spill in the region would be very difficult.
Tullow, which focuses mainly in Africa, said this morning it will complete geological tests at Tooq to decide whether or not to drill a well in the area.
City A.M. Reporter