13-08-08 Following the decision of the Icelandic government to start tendering in January 2009 exclusive licenses for oil exploration in the Dreki area, an international conference has been announced in Reykjavik for Sept. 4 through Sept. 5. The Icelandic National Energy Authority (NEA) and the Ministry of Industry have organized the conference, which is entitled Iceland Exploration Conference 2008.
The speakers at the conference are specialists from the Nordic countries with experience in geological research and oil exploration in the North Atlantic. The conference is intended for geologists, exploration experts and new development managers at oil exploration and oil companies.

Seismic surveys and other geophysical measurements indicate that producible quantities of oil and gas could be found in the Dreki Area, as they have been in adjacent and geologically similar areas. The NEA said that recent strides in drilling and production technology, along with other nations' experience with oil and gas production in deepwater and in northerly regions, have made searching for these resources in the area possible.
Further research, including exploratory drilling, is necessary to verify whether oil and gas exist in the area. The government's decision is based on the findings of a detailed strategic environmental assessment report on the matter.

"We have high expectations of finding oil in the Dreki area since scientific research has indicated that valuable oil resources may be found there," said Minister of Industry Ossur Skarphedinsson. "We therefore urge all parties interested in new oil fields in northern areas to attend the conference in Reykjavik."
Project Coordinator at Icelandic National Energy Authority Kristinn Einarsson explained, "At the conference we will go through geological data on the area as well as inform on taxation and financial conditions."

International companies have already shown an interest in explorations in the Dreki Area.
The Dreki area lies in the Atlantic northeast of Iceland on the Jan Mayen Ridge, between Iceland and Jan Mayen Island.