Iceland issues offshore oil licenses

Jan 07, 2013 12:00 AM

Offshore oil and gas exploration will get under way for the first time off the coast of Iceland. The country's National Energy Authority issued its first offshore licenses January 4.

The licenses went to a consortium of Faroe Petroleum of the United Kingdom, Iceland Petroleum and Petoro, and to another consortium of Valiant Petroleum, Iceland Petroleum and Petoro.

Reuters reported that Iceland is hoping exploration of its rich energy resources will help boost the country's fragile economy. Iceland has been in a recession since 2009 when its largest banks collapsed.

"'It brings us some optimism that we have such possibilities," said Gudni Johannesson, director general of Iceland's National Energy Authority.

Norway also has rights to the offshore drilling area. Norway is the world's eighth-largest oil exporter and a spokesperson for Petoro - a Norway state-owned company - said the firm can contribute its knowledge in oil exploration in Iceland's waters.

It's estimated the drilling area could hold between 250 million and 500 million barrels of oil, according to the Norwegian Petroleum Directorate. There may also be large gas deposits - up to 100 billion standard cubic metres.

Market Research

The International Affairs Institute (IAI) and OCP Policy Center recently launched a new book: The Future of Natural Gas. Markets and Geopolitics.

Cover_242-width

The book is an in-depth analysis of some of the fastest moving gas markets, attempting to define the trends of a resource that will have a decisive role in shaping the global economy and modelling the geopolitical dynamics in the next decades.

Some of the top scholars in the energy sector have contributed to this volume such as Gonzalo Escribano, Director Energy and Climate Change Programme, Elcano Royal Institute, Madrid, Coby van der Linde, Director Clingendael International Energy Programme, The Hague and Houda Ben Jannet Allal, General Director Observatoire Méditerranéen de l’Energie (OME), Paris.

For only €32.50 you have your own copy of The Future of Natural Gas. Markets and Geopolitics. Click here to order now!


 

Upcoming Conferences
« July 2017 »
July
MoTuWeThFrSaSu
1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31

Register to announce Your Event

View All Events