Iceland's National Energy Authority reported that Fugro NPA has acquired a satellite Synthetic Aperture Radar (SAR) study of the Dreki licensing area in which potential seeps have been identified.
SAR seep detection is a proven technique for mapping oil seeps and can provide the first indication of the existence of black oil petroleum systems. These are very important results, since one of the critical factors to success in undrilled deep water settings is source presence and maturity.
Deliverables of Fugro's Iceland SAR seep study include:
"We are as determined as ever to explore the potential for oil in the Dreki area, despite the current economic crisis. With the ongoing licensing round we are opening the largest, undrilled, and easily accessible potential oil frontier in the world. Many international oil companies have already expressed keen interest in further research in the area, and the attention of oil industry pioneers is being drawn to Iceland," said Ossur Skarphedinsson, Iceland's Minister of Industry.
The Dreki area is part of the Jan Mayen Ridge micro-continent, which was separated from the continental shelf of Greenland and Norway by plate tectonic movements 45-60 million years ago. There is strong, but indirect, evidence that oil or gas might be found in the area. This includes sedimentary rocks of sufficient thickness and age, potential source rocks similar to East Greenland's, potential reservoir rocks, submarine fans, potential structural and stratigraphic traps and seismic anomalies indicating that hydrocarbons might be present beneath the seabed.
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