Jan 2018: CNOOC and Petoro, Norway’s state-owned oil company, have decided to relinquish their interest in the only remaining exploration license. Iceland launched its first exploration round in 2009 and 2 other blocks have already been relinquished. Eykon also had a 15% interest but is regarded by the Energy Authority to be too small to continue as operator.
No significant news in 2014.
Oct 2016: Iceland gave permission for offshore exploration to a consortium led by CNOOC in 2014 in the Dreki area and CNOOC remains committed to conducting further exploration after it acquired 2D seismic data in 2015. CNOOC has reportedly said it will acquire 3D seismic in parts of the license area in 2018 but the decision to drill a well could be years away.
No significant news in 2015.
Mar 2014: CNOOC is planning exploration on the offshore shelf in the Dreki area in 800-2000m of water. Iceland’s energy authority, Orkustofnun, granted a licence to CNOOC as operator with 60% along with Eykon Energy (15 %) and Petoro(25%). Dreki includes the south of the Jan Mayen microcontinent with geological similarity to basins in Norway on the other of the Atlantic Ocean basin.
Jan 2013: CNOOC is partnering with Eykon Energy in an application for a license. This would be the first entry of a major oil company. In late 2012 two licenses from Iceland’s first round for acreage were awarded in the Dreki area in the northeast. Eykon applied for a license in this round but required a larger partner. The license will be awarded in late 2013.
Dec 2012: Norwegian state company Petoro will participate in 2 licences in the Dreki area. Faroe Petroleum was awarded 67.5% and operatorship of licences 6708 and 6808 south of Jan Mayen island. Petoro has 25% and Iceland Petroleum 7.5%. Petoro’s participation will be its first since a 1981 pact with Norway establishing a joint area for co-operation around Jan Mayen.