No Iceland oil exploration after all

oilBoth successful applications for oil exploration licences in Iceland’s Dragon Area have been withdrawn according to the Directorate of Energy. Adalbjorn Bjornsson, chairman of the Vopnafjordur district council said it is disappointing there will be no oil exploration initiatives operating out of his town. This does not, however, mean the permanent end to the project, RUV reports.

The Directorate of Energy website says that the agency received a message from Sagex Petroleum on Monday saying that their co-operative exploration project with Lindir Exploration will not go ahead. The other granted licence to Aker Exploration was returned unused in the early summer. It is therefore clear that the Directorate of Energy will not be overseeing any exploration projects this year.

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