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Although Iceland has no onshore oil and gas potential, its deep offshore waters in the northeast, south of the Jan Mayen microcontinent known as the Dreki area, may hold sedimentary basins analogous to those in Norway.
The Dreki area includes the southern tip of the Jan Mayen microcontinent with thick continental crust potentially including Jurassic and Cretaceous source rocks similar to basins in Norway that adjoined the area prior to the opening of the northeast Atlantic Ocean basin.
The Gammur area on the northern insular shelf of Iceland may also have potential for gas since seeps have been identified on the sea bed. However this gas may be biogenic in origin and not commercially viable.
However the lack of drilling and detailed geological information in both these areas and the remote nature of potential fields forces Globalshift to conclude that Iceland has no chance for offshore commercial developments even into the long term.