Iceland looking toward 2009 oil and gas bid round
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Another frontier may open in the Arctic as the government of Iceland has approved a proposal to offer exclusive licenses for oil and gas exploration and production. Minister of Industry Ossur Skarphedinsson is proposing a licensing round in the Dreki (Dragon) Area, which is north-east of Iceland on the Jan Mayen Ridge between Iceland and the island of Jan Mayen. The tentative release date is 15 January 2009. International companies have reportedly expressed an interest in the area, which seismic has indicated might contain producible quantities of oil and gas. Research on the marine biosphere, climate and sea conditions are already underway. The licensing proposal was first published in March 2007. For further information see: http://eng.idnadarraduneyti.is/media/Rafraen_afgreidsla/Report_on_oil_exploration-KK.PDF
This article is extracted from International Oil Letter, Vol 23 issue 51, published 24 December 2007.
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