National Energy Authority of Iceland - Oil & Gas Exploration

Iceland Continental Shelf Portal

Thu, 29 Oct 2009 12:28:00 +0000

The Iceland Continental Shelf Portal is a system for online viewing of diverse information about data pertaining to the Icelandic Continental Shelf, in particular the northern Dreki Area.

Exploration Areas

Mon, 22 Dec 2008 10:10:00 +0000

Two areas on the Icelandic Continental Shelf are thought to have potential for commercial accumulations of oil and gas. They are Dreki east and northeast of Iceland and Gammur on the northern insular shelf of Iceland.

Licensing for hydrocarbons

Mon, 22 Dec 2008 10:10:00 +0000

Hydrocarbon accumulations are owned by the Icelandic State and a licence from the Orkustofnun is required for prospecting, exploration and production of hydrocarbons. The Hydrocarbon Act has provisions for two types of licences: a prospecting licence, and an exploration and production licence.

Legal and Regulatory Framework

Wed, 10 Dec 2008 00:00:00 +0000

Hydrocarbon activities are subject to a specific legislation, i.e. the Hydrocarbons Act and the rules laid down by the Hydrocarbons Regulation and the accompanying Hydrocarbons Rules. In addition, various legislation on health, safety and the environment (HSE) may also apply to hydrocarbon activities.

Oil and Gas Exploration

Wed, 10 Dec 2008 00:00:00 +0000

The National Energy Authority grants licenses for prospecting, exploration and production of hydrocarbons. Applications for non-exclusive, prospecting licenses are accepted at any time, whereas applications for exclusive, exploration and production licenses are normally accepted in license rounds.