From Iceland — Could Iceland Take Part in East Greenland Oil Search?

Could Iceland Take Part in East Greenland Oil Search?

Published November 17, 2009

Iceland could find itself playing a key role in the search for oil off the shores of Greenland.
Greenlandic authorities allowed for oil exploration off of their shores some 17 years ago, and although no oil has yet been found, the search continues. East Greenland will be opened for exploration in 2012, and Vísir reports that it is likely Iceland will be called in to help in the search.
13 international oil companies, among the Exxon and Chevron, have their sights set on east Greenland, and with the difficult conditions present in setting up camp there, it is being speculated that these oil companies may establish themselves in the northwest of Iceland, or in the north. If so, it wouldn’t be the first time – an oil exploration team docked in Hafnarfjörður last summer.
Vísir speculates that as many American oil exploration teams see east Greenland as a possible source of a tremendous amount of oil, the town council of Isafjörður is probably seeing opportunities in the future opening up for them.

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