The United States Geologic Survey estimates Greenland’s offshore reserves could hold 50 billion barrels of oil and gas, or nearly one-third of the arctic total. The country, which voted for increased independence from Denmark last year, has a population of only 58,000 which makes for more than 860,000 barrels per person, if the USGS estimate is correct. However, no oil has been found yet, but many of the world’s biggest oil companies, including Exxon and Chevron, have acquired offshore leases and conducted geological studies in the past few years. They are attracted by high projected demand for oil in the coming decades and the retreat of arctic ice.