Monday, January 7th 2013 - 14:09 UTC

Iceland with Norway support awards off shore oil and gas licences

Iceland has awarded two licences for oil and gas exploration and production in the waters off the north east coast of the Atlantic island.

Iceland's Minister of Industries and Innovation Sigfusson pleased with Norway

The licences have gone to Faroe Petroleum and Valiant Petroleum, with Norway taking a 25% stake in both through state-owned oil firm Petoro.

Experts have predicted the Arctic could be the next major oil-producing region.

Iceland is hoping it will be able to generate much-needed revenues from any discoveries of oil and gas.

“This is of course an important step, [as] these are the first real licences that we believe will be used, and they call for extensive research in the area,” said Steingrimur Sigfusson, Iceland's Minister of Industries and Innovation.

“The Norwegian participation is also important - we think that it strengthens the matter in every way, not least to have the support of Norway and its massive knowledge in this field.”

4 comments Feed

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1 Vuggevise (#) Jan 07th, 2013 - 02:41 pm Report abuse
”Iceland with Norway (sic) support awards off shore (sic) .....”

Good grief, who writes this illiterate drivel?

And I hate to upset the malvinistas and the supporters of the saggy old whore from La Plata, but both Faroe Petroleum and Valiant Petroleum are British companies (based respectively in Aberdeen in Scotland, and Woking in England) so will Christina now be declaring war on Iceland?

2 Trunce (#) Jan 07th, 2013 - 04:53 pm Report abuse

Declare war on Iceland? They should consider twinning with them.

Both theives of others money.
3 Lou Spoo (#) Jan 07th, 2013 - 05:57 pm Report abuse
@1 Indeedy. I live in Woking and the Valiant HQ is just down the road. Just look for the Martian tripod and the plane on a stick and you're heading in the right direction.
4 falklandlad (#) Jan 07th, 2013 - 06:33 pm Report abuse
Great news for Iceland.

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