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
Drug Dogs Used On Secondary School Kids

Drug Dogs Used On Secondary School Kids

by

Police used drug dogs to search a group of first-year secondary school kids (aged 16) on their way on a

News
Iceland Dairies Want To Ban Swedish Company From Using “Skyr”

Iceland Dairies Want To Ban Swedish Company From Using “Skyr”

by

Iceland Dairies (MS) believes Swedish company Arla is misusing the word “skyr” to describe their “Icelandic style yogurt”, and wants

News
Another Asylum Seeker Attempts Self-Immolation At Red Cross

Another Asylum Seeker Attempts Self-Immolation At Red Cross

by

An asylum seeker threatened to set himself on fire at Icelandic Red Cross offices today, protesting the length of time

News
Conservative Chair Confounded By Pirate Party

Conservative Chair Confounded By Pirate Party

by

Independence Party chairperson Bjarni Benediktsson says he finds the Pirate Party to be “a blank page” and questioned the commitment

News
New Name For Holuhraun Pending … Or Not

New Name For Holuhraun Pending … Or Not

by

This October, it will be decided whether or not the resulting lava field from the Holuhraun eruption will be given

News
Solar Particles Launch Surprise Shock & Awe Attack Against Earth’s Upper Atmosphere

Solar Particles Launch Surprise Shock & Awe Attack Against Earth’s Upper Atmosphere

by

Last night, northern lights came to Iceland a bit earlier than usual, and in a spectacular state of activity, catching

Show Me More!