Progressive MP Gunnar Bragi Sveinsson has asked that the Industrial
Committee be called to examine the subject of searching for oil in
Icelandic territory.
Icelandic waters extend for hundreds of kilometers in every direction, and the northeast region of these waters has been rumored by some to possibly be able to yield oil. Sveinsson would like the committee to examine what the laws are with regards to oil drilling in Iceland, as well as what taxes or fees might apply.
In addition, he would like the committee to hear from prospectors Linda Exploration and the petroleum company Sage, among others. The selling of natural resources to foreign companies is a sensitive subject in Iceland these days, and the Leftist-Green Party – currently in the coalition government – has adamantly opposed drilling in Icelandic waters, as they believe it creates an environmental hazard for the fish, upon which Iceland depends a great deal.