Norway to Participate in Third ‘Dragon Zone’ Oil License Skip to content

Norway to Participate in Third ‘Dragon Zone’ Oil License

Norway will join Chinese state oil company CNOOC International Ltd. and Eykon Energy ehf. through the state oil company Petoro in participating in the third exploration and production of hydrocarbons license for the Drekasvæði (‘Dragon Zone’) in the waters off Northeast Iceland, as announced on Friday.

oil_drilling_ship_wikiPhoto: Wikipedia.

The National Energy Authority (Orkustofnun) granted a license to CNOOC International Ltd and Eykon Energy ehf. earlier this year. Norway was then sent a draft license for their perusal and a formal answer requested on whether they intended to participate in the license in accordance with the agreement between Iceland and Norway from 1981, which entails the right of Norway to participate in licenses within a part of the area up to a 25 percent share.

Related:

16.11.2013 | Joint Oil Search in Icelandic Waters to Reconcile Norway and China?

ZR

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