The likelihood that oil will be found off the coast of Iceland has increased with the involvement of well-known Norwegian investors in oil company Geysir Petroleum. The company was founded in Iceland in 2001, is majority-owned by British and Norwegian investors and is headquartered in Norway. RÚV reports.
The online edition of Norwegian finance magazine Finansavisen reports that two well-known Norwegian investors, Thorstein Tvenge and Olav Nils Sunde, have joined forces with a small Icelandic oil company, Geysir Petroleum. The company’s objective is to search for and process oil off the coast of Iceland and the Faroe Islands, as well as in other locations in the North Atlantic.
According to Finansavisen, the company is currently valued at ISK 6 billion, but if its plans come to fruition that figure could rise to ISK 420 billion. It is also stated that the company is, through an increase in share capital and loans, financing preparation for oil drilling in a British oceanic zone in 2008. Furthermore, it states that Geysir Petroleum should have a good possibility of gaining permission to search for oil off the Icelandic coast, where the company believes there is a likelihood of finding oil.