The Norwegian state oil company Petoro through its subsidiary Petoro Iceland, has signed an agreement to participate as a partner in the first two licences awarded on the Icelandic continental shelf (ICS).(Photo: Jan Mayen)
Petoro Iceland’s entry to the ICS is the result of a bilateral agreement signed in 1981 by Iceland and Norway.
Ola Borten Moe, Norway’s minister of petroleum and energy, and Kjell Pedersen, chief executive of Petoro, were present at the signing ceremony on Friday, together with other partners in the licence and the Icelandic authorities.
Orkustofnun, the National Energy Authority of Iceland, resolved before Christmas to award one licence to Faroe Petroleum Norge AS (operator) and Iceland Petroleum, and another to Valiant Petroleum ehf (operator) and Kolvetni ehf. These licences permit exploration for and production of hydrocarbons in the Dreki (Dragon) region on Iceland’s part of the Jan Mayen Ridge.
Petoro Iceland enters into both licenses with a 25 per cent interest pursuant to the 1981 Norwegian-Icelandic agreement, which covers Iceland’s share of the Jan Mayen Ridge and part of Norway’s share of this area.
Pedersen says that activities in Iceland will formally be handled by Petoro Iceland. This company will have no employees, and all the work will be done by Petoro under a management agreement with the subsidiary. The two new licences are the responsibility of Jan Rosnes, vice president for gas fields and new developments, who is also chief executive of Petoro Iceland.
The Dreki area is part of a “micro-continent” containing the Norwegian island of Jan Mayen and located between the Norwegian and Greenland continental shelves, which have been moving apart over millions of years. Seabed samples from the area have indicated the presence of sedimentary rocks and an active hydrocarbon system. Faroe Petroleum stated in a press release on 4 December 2012 that it has mapped several large structures within the licenced area. Two-dimensional seismic surveys have been shot in the area, but no exploration drilling has taken place.
Ola Borten Moe comments in a news release from the Norwegian ministry that the seas between Iceland and Jan Mayen could contain large oil and gas resources. Norwegian participation in the two licences provides opportunities to take part in exploring a highly interesting area which could contain substantial assets, he says.
(NRK/Press release)
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