Both successful applications for oil exploration licences in Iceland’s Dragon Area have been withdrawn according to the Directorate of Energy.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.
This is worse: http://festival.internazionale.it/programme (6.30 pm on 2nd October)
Partecipation at an useless (hosted by clueless us so pitiful) meeting.
Zero GDP Growth for ages, rotten society (barbarism, bigotry, 99,9% of prejudicial hypocrisy and so on). It seems Icelanders have something to taught us instead. LoL
NOW IT IS OFFICIAL, I DO SEE THE FUTURE… I AM GOING TO QUIT WORKING AS A PROFESSOR AND OPEN A TAROT READING PLACE IN REYKJAVÍK. I DEFINITLY AM A PSYC, I TOLD ABOUT THAT NOTHING WAS COMING OUT ALL THE OIL THING… JUST BUBBLES AND BULL(SHEET)
KAMON, ICELAND IS A RUINED COUNTRY, AND THAT IS OFFICIAL. ANYONE WONDERING WY THE EURO IS 184ISK AND WHY THE KRONA STILL LOOSES VALUE AT A PACE OF 0,5% EACH 3-4 DAYS?
KAMON, GIF MI A BREIK! HAHA
I SEE THE NORWEGIANS SENDING FOOD AID TO ICELAND SOON.
LETS SEE, HOW MANY CARS HAVE YOU LEFT TO SELL?
WHAT IS HAPPENING? NONE OF MY ICELANDIC FRIENDS HAS A CAR ANYMORE.
WITH NO OIL, BRAINS ABANDONING THE COUNTRY, SUCH HUGE DEBTS… I DON´T SEE ANY OTHER EXIT FOR ICELAND THAN JOINING THE EU OR SELL THE COUNTRY TO THE RUSSIANS.
WHAT IS BETTER? ( OR WORSE)
thanks for the useful source, but I prefer to read it in its original version (*wondering* hoping I’m still able to catch the sense – I haven’t read an entire article in Norwegian for a while) :)
Here is a good article from E24, a norwegian business site. It explain the oil idustry`s lack of interest in the area. The link is google translatet from norwegian to english.
http://translate.googleusercontent.com/translate_c?hl=en&sl=no&u=http://e24.no/olje/article3287660.ece&prev=/search%3Fq%3De24%26hl%3Den%26sa%3DG&rurl=translate.google.co.uk&usg=ALkJrhhk5IR7lYp4TSeHsgvYQjPAFT_Suw
Axel. There are some discussion on this now – perhaps becauce of Icelands position. Not all are keen on the project – it has many environmental challenges. It will be expensive, and there must be built infrastructure on Jan Mayen.
I think there is an agreement between Is/No on sharing benefits from som part og the fields.
Some new technology must be developed, but that is normally not a problem.
Normally the Norwegian state pay most of the research. As I understant there is only 2D data done by Iceland some 20 years ago, so perhaps there will be made a new 3D map before any decision is made. I am sure it will be a hard fight.
Norwegian oil explorers will drill on the Norway side of the Dragon area first, it makes sense because the taxes are more sensible in Norway and more stability, when they finish they will probably look at the Icelandic part, if they find anything,
we dont need oil to re build Iceland,
that would be too easy Easy ;)
Aggi.
With 140 USD per barrel and easy loans there was a “huge interest”.
With 70 USD per barrel, no easy loans and no shortage of oil actually – no interest at all.
So – yes, just another bubble.
“I did read that exploration will be difficult (aka expensive) due to distance from land”
Indeed, but I suspect that was known a long time ago. In the absence of any reasons being provided, it looks like Niels may well be right about it all being “just one big smokescreen”…
the reason given by the oil companies is the tax regime in iceland is to restrictive and needs to change to encourage oil exploration
>I couldn’t find anything about Sagex’s reason.
Talking to myself, but it’s complex tax regulations apparently. Presumably taking a year to not sort out the national finances hasn’t helped.
http://icelandreview.com/icelandreview/daily_news/?cat_id=16539&ew_0_a_id=343647
(Dammit. I hate Captcha.)
How do I have to understand this: does this mean that the whole oil-drilling project has been cancelled?
In that case it was just one big smokescreen?
>Did the licencees say why they’re no longer interested in oil exploration there?
Not a lot out there. I couldn’t find anything about Sagex’s reason.
http://www.rigzone.com/news/article.asp?a_id=80657&hmpn=1
I did read that exploration will be difficult (aka expensive) due to distance from land.
Translation = there’s just not enough oil down there or it will take too much work to get to it. It’s all about money, after all. This is good for Iceland, though, in my opinion. Lets just work on other means of energy for the future.
no wonder!! it was ridiculous to even think this was a solution or of any real interest for any corporation
Did the licencees say why they’re no longer interested in oil exploration there?
HAHAHA!!! I said it long time ago this was just bullsh@t! Lets say what Fisy or axel have to say, “well we decided to keep the (inexistent)oil for a time of need” HAHA!! looks like we wont be getting millioner with oil.