Has Iceland Found Oil? Skip to content

Has Iceland Found Oil?

By Iceland Review

Research of the ocean floor in the so-called “Dragon Zone” off Iceland’s northeastern coast has revealed deep holes similar to the holes in the Norwegian continental shelf where oil has been found.

The research vessel Árni Fridriksson recently returned from an expedition where around 10,500 square kilometers of the ocean floor in the northern Dragon Zone were mapped, Morgunbladid reports.

Gudrún Helgadóttir, a geologist at the Icelandic Marine Research Institute who supervised the expedition, said much more detailed information was obtained than during previous expeditions.

“We measured holes that were around 15 meters deep and up to 700 meters in diameter. Such holes in sedimentary layers spark extensive research because similar holes have been detected in many oil production areas like in the North Sea,” Helgadóttir said.

“There have been earlier signs of gas convection in the area, but we don’t know whether it is thermal or from a biological source. We will investigate that in more detail,” Helgadóttir added.

Research vessel Bjarni Saemundsson will sail to the northern Dragon Zone soon to take samples and investigate the biosphere of the ocean floor.

The purpose with these expeditions is to prepare the issuing of exclusive licenses to search for and harness oil and gas in the area.

Click here to read more about oil potentially being discovered in Icelandic waters.

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