Oil Giants Interested in Off-Shore Drilling in Iceland Skip to content

Oil Giants Interested in Off-Shore Drilling in Iceland

Preparations for a call for tenders to search for oil in Icelandic water in the so-called Dragon Zone off northeast Iceland, which will take place in January, are well underway. Some big players on the oil market have shown interest.

According to an article on the London Times Online yesterday, several British groups and StatoilHydro of Norway are among those considering submitting bids in January for about 100 exploratory licenses.

Icelanders are hoping to attract big investors although it is not yet clear how much money is involved in the exploratory licenses. “It is an open call for tenders and unclear what we will gain from it,” senior project manager at the National Energy Authority Kristinn Einarsson told Morgunbladid.

“Tenders don’t have to be in the form of definite payments, but can also be promises to drill a certain amount of holes and each hole involves a financial obligation of up to USD 100 million [EUR 67 million],” Einarsson added in explanation.

Click here to read about the potential oil in Iceland’s Dragon Zone.

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