News station NFS reports that the Icelandic government has appointed a committee to oversee possible oil exploration in the waters north of Iceland in the vicinity of the Jan Mayen ridge.
Several permanent secretaries of the relevant ministries have been appointed to the committee, according to NFS. The committee is entrusted with drafting a bill providing the legal framework for oil exploration to be submitted to Althingi, the Icelandic parliament.
Preliminary studies have shown evidence for oil in the area and deep-sea oil exploration technology continues to improve, said NFS.
