Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), Encana (NYSE:ECA), Awarded Oil Exploration Licenses from Greenland

Greenland has awarded major oil companies like Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), Encana (NYSE:ECA) and Husky Energy (TSE:HSE), among others, licenses to explore its offshore and onshore regions for oil and gas.

According to an estimate from a US Geological Survey in 2009, there could be up to 50 billion barrels of oil in Greenland. Even so, that's much lower than prior estimates from the USGS, which have been as high as 160 billion barrels of reserves.

The right conditions are there for the people of Greenland to support the venture, as they want to gain independence from Denmark, which at this time they are a dominion of.

Citizens of Greenland receive over $10,000 each form Denmark at this time, and it's estimated that one good oil field would replace that for the residents, which number about 56,000.

BP (LON:BP) Ready with Second Oil Containment Dome

BP (LON:BP) (NYSE:BP) is ready with a second oil containment dome, which is smaller than the first, but built to perform the same task, to stop the flow of oil leaking from the ocean floor in the Gulf of Mexico.

The new dome is on its way to the point where the oil is leaking, and BP said it hopes it will be ready to place it over the leak on Thursday.

Once its lowered almost a mile down, it will then be taken by robotic submarines and prepared to be placed over the leak.

The problem of ice blocking the new dome will hopefully be solved by the inclusion a design which will allow methanol to be pumped up into the dome in order to keep the ice from forming and blocking the flow of oil up through it to the surface.

A pipe about 500 feet long will have the oil siphoned through it, which would ultimately find its way to the surface to be collected there by ships.

BP (NYSE:BP) Has Confidence of Texas Governor

Talking to reporters, Texas Governor Rick Perry said he had full confidence in BP (NYSE:BP), saying it was an "act of God," meaning an accident in his description of the term when asked what he meant by that comment.

Perry added he was concerned over there being "knee jerk" response to offshore drilling, and that the public could be "misled" by those attempting to stop existing drilling or addition drilling for oil in the Gulf of Mexico in the future.

According to Perry, his prediction is the Gulf oil spill will have no effect on the coast of Texas.

Reporters also attempted to paint Perry as weird at the conference because of his criticism of the Obama administration and Washington in general, trying to make his comment on it being an act of God almost sound like it was a religious statement, rather than what he said was probably a "mechanical failure somewhere.”