Cairn says discovers oil off Greenland

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Cairn Energy, renowned for a major oil find in India, said on Tuesday that it had discovered pockets of oil and further evidence of gas in offshore Greenland.

The British group said it had found two types of oil after drilling in the Baffin Bay Basin.

"The presence of both oil and gas confirms an active, working petroleum system in the basin and is extremely encouraging at this very early stage of our exploration campaign," Cairn chief executive Bill Gammell said in a statement.

Cairn added that initial geochemical analysis of various hydrocarbon samples recovered from a well "confirms the presence of two oil types which have different origins and levels of maturity and are the first oils encountered in the current exploration campaign."

© 2010 AFP

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