Iceland’s Ministry of Industry and the National Energy Authority are currently preparing the first tenders for private licences to explore for fossil fuels in the Dragon Area of sea northeast of Iceland. MBL.is reports that there is plenty of interest. The tender period lasts from the middle of January to 15 May 2009.
Licence allocations will be limited, with a total of five being given out at first. No applicant will be able to acquire more than one licence. The size of each licence area in the so-called Dragon Area will be limited to 800 sq km. Each applying company’s willingness to contribute to the research and education fund for oil exploration on the Icelandic continental shelf will be taken into account. The fund will be established and run as a consortium of willing companies and the National Energy Authority.
The Ministry of Industry sources say the signs look positive that substantial oil and gas reserves will be found in the northern Dragon Area, northeast of Iceland and southwest of Norway’s Jan Mayen Islands.
The two countries recently signed a deal to cooperate in the exploration and share revenues from any oil and gas found. The ministry hopes the changes in the law needed to allow the exploration to go ahead will clear parliament by Christmas.
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I think exploring for oil everywhere is a prudent idea. The idea of a hydrogen-based economy is a premature concept and far too expensive to implement. The oil economy will continue to serve us for many decades despite the best efforts of central planners around the world.
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