Icelandic Team Places First in Student Petroleum Exploration Competition

Pupils from Hofn in Iceland have taken first place in an international energy industry challenge. The team from Framhaldsskolinn i Austur-Skaftafellssyslu collected their £1000 team prize and a crystal trophy at the International OilSim Final on Saturday, proving they are budding energy stars of the future.

Andri Geir Jonsson, Niels Brimar Jonsson and Freyr Siguroarson, all 16, battled 5 other national teams from Denmark, the Faroe Islands, Greenland, Norway and UK to take first place, after competing and coming first in the national events that saw around 3000 students compete for the chance to come to London for the final.

The event, sponsored by Chevron Upstream Europe, Maersk Oil North Sea Limited, StatoilHydro, Sagex Petroleum ASA, Imperial College, Atlantic Airways and British Airways, saw each team simulate the role of an energy company entering a new petroleum province.

The teams were given $200 million and they had to maximize the return on their investment by exploring for oil or gas, and investing in other teams' opportunities. The participants study seismic and other surveys, bid against the other teams for licenses, form joint ventures, share risks, compete for drilling assets, contract service providers and choose where to drill wells.

International training provider Simprentis developed OilSim as an oil and gas business simulation to be used in training courses and team-building events for oil and gas companies around the world.

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