UK-based Cairn Energy Plc. sold 31 percent of its stake in the Pitu block off Greenland’s western coast to Norway’s state-owned Statoil ASA . . first stage exploration rights to the block expire in December 2014 . . . it is predicted that Greenland could have reserves of 20 billion barrels of oil . . . Statoil also owns stakes in two other offshore oil licenses that are operated by Royal Dutch Shell . . .  Cairn is likely working to reduce its risk as tries to find oil off the coast of Greenland . . . the deal suggests that other companies remain interested in exploring for oil off the coast of Greenland, however it is far from certain that Cairn can recover from its disappointing two-year exploration campaign.