Summary Box: BP rules out bidding for drilling license off Greenland, won’t say why

Summary Box: BP not bidding for Greenland drilling

NO THANK YOU: BP PLC has decided not to bid for a drilling license near Greenland. It declined to say why or when it made the decision.

THOUGHTS: Greenland officials say the move may be linked to BP’s tarnished safety image after the Gulf of Mexico spill. Greenland’s premier has said the Gulf disaster has affected his government’s approach to drilling and that a company’s safety record was key.

BACKDROP: Britain’s Cairn Energy PLC earlier this week said it found gas off the west coast of Greenland, but no oil yet. The announcement put the North Atlantic territory in the spotlight of global concerns about the risks of deepwater drilling.