There are no active oil fields in the Arctic, but the U.S. believes there may be approximately 17.5 billion barrels undiscovered. The government in Greenland chose to suspend all oil exploration in the Artic for climate change purposes. The government considered it “a natural step” because the Artic government “takes the climate crisis seriously.”
They have not found any oil in Greenland yet but officials have seen possibly massive reserves. Greenlanders want to pursue oil as a way to gain independence from Denmark. The Danish government pays Greenland $680 million a year in subsidy each year. As global warming persists, ice continues to retreat from Greenland, uncovering the potential oil and mineral resources. The government in Greenland said “The future does not lie in oil. The future belongs to renewable energy, and in that respect, we have much more to gain,”
A Geological Survey done by the U.S estimates there may be 17.5 billion unfound barrels of oil and 148 trillion cubic feet of natural gas off Greenland. Harsh weather and the remote location has limited exploration for a long time.
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