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The National Energy Authority sends drafts of licences for exploration and production of hydrocarbons

5.10.2012

The National Energy Authority has nearly finished processing the applications received in the second licensing round for exploration and production of hydrocarbons on the Icelandic continental shelf.

The National Energy Authority has sought comments from the Ministry for the Environment and the Ministry of Fisheries and Agriculture in accordance with legislative provisions and evaluated the comments taking into account the applications and their work programmes. Furthermore, the National Energy Authority has evaluated the technical and geological capacity of the applicants to undertake the extensive activities involved and additionally, the National Energy Authority has evaluated the financial capacity of the parent company of the applicants in order to ensure that the applicants have sufficient financial strength to conduct the activities for the long-term.

Applicants have received drafts of the licences and have two weeks to return comments on the drafts. The National Energy Authority aims to finalize the processing of the applications by the end of November. The Kingdom of Norway has the right to partially participate in licences in accordance with the agreement between Iceland and Norway.