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Green Peace Snaps Back At Cairn's Arctic No Show

Thursday, August 4, 2011
  • Green Peace strongly responds to Cairn's abandoning of LF7-1 well in Nuuk, Greenland for failing oil shows
  • "Cairn is taking a multi-million dollar gamble with the fragile Arctic environment and has come up with nothing," says Green Peace campaigner

Green Peace reacted strongly to Cairn's recent announcement of abandoning LF7-1 well in Nuuk, Greenland for failing oil shows.

Ben Ayliffe a Greenpeace campaigner said: "Cairn is taking a multi-million dollar gamble with the fragile Arctic environment and has come up with nothing. This should be a lesson to other oil companies, like Shell, who are eyeing up new ventures among the icebergs in the far north. What was already an unattractive investment now looks even riskier, not least when a new report exposed how difficult a clean up operation off Greenland would be."

He added: "Cairn's latest setback in Greenland is further evidence that chasing oil in the frozen north is a bad idea. Rather than dangerous drilling for oil in the vulnerable Arctic we should be extracting oil from car companies like Volkswagen by forcing them to make more efficient cars."

Greenpeace recently staged protests in the premises of Cairn Energy's Edinburgh headquarters on the grounds that the company is tight lipped about a comprehensive response plan to a possible oil spill. The company came under serious criticism from animal rights and environmental activists for not disclosing their oil spill contingency plan. (View report here)

The company, however, brushed aside the allegations saying its operations are "safe and prudent."

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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