Director Of Petrol Station Chain Excited About Oil Discovery - The Reykjavik Grapevine

Director Of Petrol Station Chain Excited About Oil Discovery

Published February 27, 2012

The director of the N1 chain of petrol stations told reporters that the recent discovery of signs of oil in Icelandic waters could mean the country becomes “the richest in the world within 12 years”.

As reported, British and Norwegian prospectors studied rock samples taken from the Dragon Zone, the northeast corner of Icelandic waters. Further analysis of the rocks showed, according to their findings, “active seepage of Jurassic oil and a working hydrocarbon system.” This effectively means there is very likely oil under the seabed of Icelandic waters, although it is still unknown exactly how much oil that is.

Hermann Guðmundsson, the director of N1, told Vísir, “I believe we should all be smiling.”

Hermann was confident of his assessment of the situation, declaring, “If there’s a significant amount of oil there, Iceland could become the richest country in the world within 12 years.”

It will most likely be foreign companies who end up doing the drilling for Icelandic oil, but he still believes job opportunities await Icelanders as well in this field. “In the long term, this is an unbelievable rise in the quality of life for a small nation.”

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