It seems that producible quantities of oil and gas can be found in the Dreki area of Iceland (in the Atlantic, northeast of Iceland on the Jan Mayen Ridge, between Iceland and Jan Mayen Island), and the Icelandic government is inviting experts and specialist in geology and oil exploration (as well as oil/energy companies) to attend its Iceland Exploration Conference next week.
The government plans to start tendering exclusive licenses for oil exploration in the Dreki area in January 2009. They said further research including exploratory drilling is needed to verify whether oil and gas exist in the area.
“We have high expectations of finding oil in the Dreki area since scientific research has indicated that valuable oil resources may be found there,” said Iceland’s Minister of Industry, Össur Skarphédinsson. “We therefore urge all parties interested in new oil fields in northern areas to attend the conference in Reykjavik.”
According to the press release sent by the Ministry of Industry, international companies have already shown keen interests in explorations in the Dreki area.
Orkustofnun, Iceland’s National Energy Authority, said energy consumption per capita in the country is among the highest in the world. The majority of Iceland’s electricity (80%) is generated using hydropower and the remainder is based on geothermal power.