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
MP To Make Millions Off Fishing Bill

MP To Make Millions Off Fishing Bill

by

The wife of a Progressive MP stands to make millions from a bill her husband is partially responsible for crafting.

News
Artist Dumps Red Dye In Geyser

Artist Dumps Red Dye In Geyser

by

Tourists greeted with the sight of Strokkur erupting in a bright pink colour have apparently seen the latest work by

News
Unemployment Continues Yearly Decline

Unemployment Continues Yearly Decline

by

Unemployment in Iceland for the month of March is now at 4%, down by over 2% from this time last

News
Snoop Dogg! Playing A Gig In Iceland! This July!

Snoop Dogg! Playing A Gig In Iceland! This July!

by

International hip hop superstar and emissary of cool, Calvin Cordozar Broadus Jr., aka. Snoop Dogg, is returning to Iceland to

News
Dagur Kári’s ‘Virgin Mountain’ Wins Top Prizes At Tribeca, Gunnar Jónsson Named Best Actor

Dagur Kári’s ‘Virgin Mountain’ Wins Top Prizes At Tribeca, Gunnar Jónsson Named Best Actor

by

Director Dagur Kári’s latest film, Virgin Mountain dominated New York’s Tribeca Film Festival last night, taking the prize for the festival’s world

News
It’s Birch-Tappin’ Time

It’s Birch-Tappin’ Time

by

That time of year is upon us again: when Icelandic birch trees will be tapped for the delicious and purportedly

Show Me More!