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China’s CNOOC to participate in application for offshore exploration in Iceland’s Arctic Continental Shelf

China National Offshore Oil Corporation (CNOOC), the largest offshore oil and gas producer in China, will participate in the application of Iceland-based Eykon Energy as an operator and potential licensee in the second licensing round of the Dreki Area. The northern Dreki Area—which lies just north of the Arctic Circle—is the northern- and eastern-most part of the Icelandic Continental Shelf. It is situated north of 67° N and east of 11°30' W, and reaches the boundary of the Icelandic Continental Shelf to the north and east. The northern part of the Dreki Area is about 42,700 km² in size.

Map showing the Dreki area. Click to enlarge.

Eykon Energy had received an extension from Orkustofnun (Iceland’s National Energy Authority) until 1 July 2013 to find a partner to its application submitted in the second licensing round of the Dreki Area and the agreement of such a partner for their participation in the application along with relevant information on the partner in accordance with the Guide to Application Procedures of the licensing round.

Orkustofnun will now evaluate further the financial and technical capacity of the applicants and their ability to undertake the exploration and production as described in the application. The processing by Orkustofnun of a potential licence also includes i.a. the designation of an exclusive licence area and the approval of a work program. Orkustofnun estimates that the processing of the application will be finalized in the Autumn of this year.

Norway has a right to up to 25% participation in any licence granted within the area of the agreement of 1981 between Iceland and Norway.

The National Energy Authority (NEA) is a government agency under Iceland’s Ministry of Industries and Innovation.


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