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A Chinese oil company will participate in the application by Eykon Energy

5.6.2013

The Chinese oil company CNOOC International Ltd has decided to participate in the application of Eykon Energy for an exploration and production licence in the Dreki Area.

Eykon Energy received an extension from Orkustofnun until 1 July 2013 to find a partner to their 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.

 The Chinese oil company CNOOC International Ltd has decided to participate in the application of Eykon Energy as an operator and potential licensee. 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 programme. 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.