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Cairn Energy makes impairments on fields in Greenland

There are no prospects of oil in fields in Greenland in the near future, according to Scottish Cairn Energy, which has performed large impairments on the arctic bet.

Oil drilling in the waters off of Greenland will only happen if other parties are willing to contribute financially, estimates Scottish Cairn Energy, which is currently the only oil company to have done test drilling in Greenland - test drilling with no results.

"We have been pretty clear about the fact, that we will not drill in Greenland with the current market conditions, because the need for capital is simply too big for a company of our size. We still have the drilling rights in the area, so let's see what happens in the future. But for now, the focus is on our fields in Senegal, which have proven to be very valuable," said CEO, Simon Thomson during a conference call yesterday.

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