"Oil on Greenland would be a disaster," Total CEO Chrisophe de Margerie said. "A leak would do too much damage to the image of the company."
Although he is not completely opposed to Arctic exploitation as gas leaks "were easier to shut down and clean". But what are the chances considering Shell reportedly invested already $4.5 billion and Cairn Energy at least $1 billion?
To my opinion companies drilling for oil in the Arctic are playing Russian Roulette anyway. The first pictures of oil speckled ice bears will close the business - unfazed of economic opportunities.
That puts them in the uncomfortable position of depending on each others safety measurements, knowing the lowest standard can rule them all. Probably that's the risk de Margerie was referring to. Well, and gas is invisible, isn't it?