BP (NYSE:BP) Drops Arctic Drilling Plans

Most oil companies have been circling around the next oil frontier, the Arctic, and BP (NYSE:BP) had been lining up with them to secure an exploration license in Greenland.

A spokesman for BP said in this round of bidding they won't be participating.

There were no reasons given, but the assumption has to be the company will lay low for awhile until it gets further into compensating victims of the oil spill in the Gulf of Mexico, and the cleanup effort.

Competitor Cairn Energy, based in Scotland, revealed recently it had discovered gas off the coast of Greenland, and believes there are more
hydrocarbon resources in the area.

Greenland said they'll unveil the names of the successful bidders sometime in the next couple of weeks.