Stay Connected

Iceland issues offshore licenses

Offshore staff

ABERDEEN, UK – Iceland’s government has provisionally awarded Faroe Petroleum operatorship of offshore exploration licenses under the country’s second licensing round.

These are in the Dreiki area, and comprise seven blocks south of the Jan Mayen ridge offshore northeast Iceland, within the Arctic Circle. The Jan Mayen microcontinent is between the conjugate margins of East Greenland and the Norwegian continental shelf.

Samples taken from the seabed on the northern part of the new license indicate the presence of Mesozoic sedimentary rocks and a working hydrocarbon system, similar to numerous oil accumulations found offshore Norway and the UK.

Faroe Petroleum has mapped various structures within the license area.

Norway’s Ministry of Petroleum and Energy has confirmed its intention to take a 25% stake in the award covering blocks IS6708/8, 9, 10, 11, and 12, via state-owned oil company Petoro. This was provided for under the terms of an agreement between Iceland and Norway.

Faroe Petroleum will have a 67.5% operating interest in these blocks, the remainder held by Iceland Petroleum. It will also take a 90% interest in blocks IS6708/1 and 2, outside the Norway/Iceland cooperation area, in partnership with Iceland Petroleum.

Orkustofnun, the National Energy Authority of Iceland, also awarded licenses to Valiant Petroleum and Kolvetni. Processing of a third application, from Eykon Energy, has been delayed to give the company time to bring in a partner with sufficient expertise, experience, and capacity to perform the license activity.

12/04/2012

Related Articles

EMGS receives new contract for work in Barents Sea

Jun 7, 2014

Electromagnetic Geoservices ASA (EMGS) has received a signed contract from a repeat customer worth NOK 10 million ($1.7 million) for 3D EM data acquisition in the Barents Sea.

Det norske oljeselskap changes name to DNO ASA

Jun 7, 2014

Det norske oljeselskap’s name change to DNO ASA has been registered in the Norwegian Register of Business Enterprises with effect as of June 6.

Lime farms into mid-Norway licenses

Jun 6, 2014

Hibiscus Petroleum’s joint venture subsidiary Lime Petroleum Norway has negotiated farm-ins to two licenses in the Norwegian Sea.

North Sea Blythe submission slips to late-2014

Jun 6, 2014

Alpha Petroleum Resources (APR), the former UK subsidiary of ATP, has received tenders for the pipeline route and site survey for the Blythe field development in the UK southern North Sea.

Polarcus completes seismic acquisition at Breagh

Jun 5, 2014

Polarcus has completed acquisition of the Breagh multi-client project in the UK southern North Sea five days ahead of schedule.

Trending News

Manora production stalled as development continues

Sep 30, 2014

Tap Oil Ltd.’s planned batch drilling of the first three development wells on the Manora project is ahead of schedule.

UMW takes delivery of newbuild UMW Naga 6 jackup

Sep 30, 2014

UMW Oil & Gas Corp. took delivery of UMW NAGA 6, the first of its two jackup drilling rigs constructed by China Merchants Heavy Industries.

PSA grants Statoil permission to drill Saturn prospect in Barents Sea

Sep 30, 2014

The Petroleum Safety Authority Norway has granted Statoil permission for exploration drilling in the Barents Sea on the Saturn prospect.

UK production rebounds, future uncertain

Sep 30, 2014

Oil & Gas UK has called for measures to secure the UK’s long-term offshore future in its latest Economic Report.

Arctic support vessel to feature advanced oil spill detection

Sep 30, 2014

Aptomar will provide its SECurus oil spill detection and combat technology to a vessel operating off the Norwegian Svalbard archipelago in the Arctic Ocean.

  Offshore
Digital Magazine
Look Inside
Cover
Current Issue

Oil & Gas Jobs

Search More Job Listings >>