Positive Feedback: Oil Discovered off Greenland

After damaging the Gulf of Mexico with the BP well blowout, the petroleum industry is set to exploit another sensitive environment with the discovery of oil in the Arctic off Greenland. The UK Guardian is reporting online, in a story to appear in tomorrow's (Tuesday) edition:

A British oil firm will tomorrow announce that it has struck oil off Greenland, a find that could trigger a rush to exploit oil reserves in the pristine waters of the Arctic.

Cairn Energy, the first company to win permission to drill for oil in this sensitive environment, will break the news to the London stock market along with its half-yearly financial results.

The company declined to comment tonight, but sources confirmed that hydrocarbons had been found, and Greenland's foreign office said it was hopeful Cairn would have something positive to reveal.

The news will delight the oil industry, which has long believed the Arctic harbours some of the last huge reserves.