Icelandic Company to Begin Oil Search this Year Skip to content

Icelandic Company to Begin Oil Search this Year

Icelandic company Eykon Energy along with CNOOC, China National Offshore Oil Corporation, plans to begin oil exploration in the so-called ‘Dragon Zone,’ which lies in Icelandic waters, this summer, ruv.is reports.

According to chairman of the board, Heiðar Már Guðjónsson, drilling in the area could begin as soon as in four years and oil production in seven years.

Reyðarfjörður, East Iceland, has been chosen as a service center for oil exploration and production.

Eykon Energy ehf., which is a subsidiary of Eykon AS in Norway, holds a 15 percent share in the third Icelandic license while CNOOC Iceland, a subsidiary of CNOOC International, holds 60 percent and the Icelandic branch of the Norwegian state-owned company Petoro AS, holds 25 percent.

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