Norway To Receive Oil Licence

Published January 2, 2013

Norwegian officials are on their way to Iceland to sign an agreement which would give them permission to drill for oil in Icelandic waters.

As reported, the Dragon Area, located in the northeast corner of Iceland’s territorial waters, has long been suspected to be rich in oil and natural gas. Last February, The National Energy Authority reported that Britain’s TGS and Norway’s Volcanic Basin Petroleum Research found fairly conclusive evidence of the existence of oil.

As billions of barrels of oil are suspected to be in the Arctic, this discovery prompted a heated round of bidding for licences. The Norwegian, Russian and British have all shown an interest in the Dragon Area. Already, one Scottish company, Faroe Petroleum, has secured provisional exploration licences for the area. Vísir now reports that Norway has joined the Icelandic oil rush as well.

Norway’s Minister of Oil, Ola Borten Moe, is expected to arrive in Iceland this week to sign an agreement to start drilling in the Dragon Area. On his team will be a representative from Petoro, Norway’s state oil company.

Norway is the fifth largest oil exporting country in the world. Moe told the press that the country also intends to drill in the waters around the island Jan Mayen, located just north of the Dragon Area.



News
News In Brief: Eurovision, Capital Controls and the Sigmundur Davíð-Donald Collusion

News In Brief: Eurovision, Capital Controls and the Sigmundur Davíð-Donald Collusion

by

The top story of the past two weeks is without a doubt the lifting of the last of the capital

News
Petition Going To Protest Deportation

Petition Going To Protest Deportation

by

A petition is going protesting the impending deportation of asylum seeker Sid Ahmed Haddouche and his family. Sid is a

News
Bird Flu Breakout In Iceland Likely

Bird Flu Breakout In Iceland Likely

by

Preparations against a possible bird flu outbreak have been ramped up, reports RÚV. The Icelandic Food and Veterinary Authority (IFVA) has

News
Investigation Opened Into Chatty Bus Driver

Investigation Opened Into Chatty Bus Driver

by

An investigation has been opened into an incident in which a bus driver allegedly spoke on his mobile phone without

News
UPDATE: Man Just Couldn’t Wait To Shoot His Gun

UPDATE: Man Just Couldn’t Wait To Shoot His Gun

by

Police have arrested the man who shot off a gun in Kópavogur earlier this week, reports RÚV. Police confirm that the

News
Local Mink Shot Dead In The Streets

Local Mink Shot Dead In The Streets

by

The scuttling mink spotted in Reykjavík city centre yesterday morning has been shot by an animal control officer, reports Vísir.

Show Me More!