Iceland reviews offshore license bids

The National Energy Authority (NEA) continues to process bids for Iceland’s second licensing round for exploration and production of hydrocarbons.

Offshore staff

REYKJAVIK, Iceland – The National Energy Authority (NEA) continues to process bids for Iceland’s second licensing round for exploration and production of hydrocarbons.

NEA has sought comments from the Ministry for the Environment and Ministry of Fisheries and Agriculture concerning the proposed work programs.

It has also evaluated the technical and geological capacity of the applicants to perform the range of activities involved, and the financial strength of their parent companies with regard to long-term commitments.

Applicants have received drafts of the licenses. NEA aims to finalize processing of the applications by the end of November.

Norway has the right to partially participate in licenses, under an agreement between the two countries.

10/30/2012

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