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
Newer, Bitier Species Of Midge Discovered

Newer, Bitier Species Of Midge Discovered

by

The tiny, rash-inducing biting fly that has plagued campers across North America has finally made its first appearance in Iceland,

News
Walking Path Around Holuhraun Opens

Walking Path Around Holuhraun Opens

by

You can now take a walking path close to the Holuhraun lava field, provided you are very, very careful. RÚV

News
Blasphemy Now Legal In Iceland

Blasphemy Now Legal In Iceland

by

At long last, a bill that did away with Iceland’s blasphemy laws has been passed by parliament. RÚV reports that

News
Five Best News Stories of 2015

Five Best News Stories of 2015

by

Hard to believe that 2015 is already half over, but it is. Maybe it seems like only yesterday since the

News
Get A Little Bit Country At Kex Hostel

Get A Little Bit Country At Kex Hostel

by

Kex Hostel’s “Köntrí” festival is back again for a fourth installation. Today through Saturday, Kex Hostel will be hosting a

News
Support For Government Increases, Pirates Still Largest Party

Support For Government Increases, Pirates Still Largest Party

by

Support for the ruling coalition increased slightly over the past month, but the Pirate Party still has the highest level

Show Me More!