Iceland to Expand into Foreign Energy Markets Skip to content

Iceland to Expand into Foreign Energy Markets

A new contract on deep drilling for geothermal systems at supercritical conditions was introduced yesterday. The agreement marks the beginning of Iceland’s expansion in the field of energy, Minister of Industry Össur Skarphédinsson said.

The deep drilling project involves drilling to a depth of four to five kilometers in order to reach temperatures of 400 to 600°C (750 to 1,100°F) for producing electricity, according to a press release from the Iceland Deep Drilling Project (IDDP).

According to Morgunbladid, the first hole, 3.5 kilometers deep, will be drilled next year near the Krafla geothermal field, northeast Iceland, and then in at the Hengill and Reykjanes geothermal fields, southwest Iceland.

If the project is successful, each drill hole could produce ten times the energy obtained by conventional geothermal electricity production.

Skarphédinsson said, during the introduction of the new contract, that with this project Iceland would become a world leader in technological knowledge of harnessing geothermal energy.

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