Oil and Gas Exploration
Orkustofnun grants licences for prospecting, exploration and production of hydrocarbons. Applications for non-exclusive, prospecting licences are accepted at any time, whereas applications for exclusive, exploration and production licences are accepted in licensing rounds.
Exploration for oil and gas on the Icelandic Continental Shelf is in an early phase. However, there is a considerable amount of geophysical data available, including academic, governmental, and industry datasets.