NEA Opens Bidding Round for Icelandic Continental Shelf
The National Energy Authority of Iceland has opened its second Licensing Round for hydrocarbon exploration and production licenses on the Icelandic Continental Shelf. The offer is available from Oct. 3, 2011 until April 2, 2012. The blocks offered are located in the Dreki Area, northeast of Iceland. The region spans 10.5 million acres (42,700 square kilometers) in water depths ranging from 2,625 to 6,562 feet (800 to 2,000 meters) deep. The Dreki Area is part of the Jan Mayen Ridge micro-continent, which was separated from the continental shelf of Greenland and Norway through plate tectonic movements 45 to 60 million years ago. The agency says seismic surveys and other geophysical measurements indicate that oil and gas could be found, though further research, including exploratory drilling, is required to verify if oil or gas exists. Full details, including maps of the area, licensing and fiscal terms, are available at www.nea.is/2nd-licensing-round.SubseaIQ provides focused, in-depth coverage of offshore field development activities around the world, with daily updates on hundreds of offshore fields and facilities. Click here to sign up for the free weekly email newsletter.