Bank Of Baku

Iceland to start oil production in Arctic

Iceland to start oil production in Arctic
# 22 August 2008 11:50 (UTC +04:00)
Reykjavik – APA. Iceland plans to offer about 100 offshore-drilling licenses in mainly uncharted Arctic territory. APA reports that several British groups and StatoilHydro, of Norway, are among those considering submitting bids in January for about 100 exploration licenses. The new licenses will run for up to 16 years and, if they prove successful, would allow for production for 30 years. The US Geological Survey estimates that there could be 90billion barrels of undiscovered oil in the Arctic, with 80 per cent lying offshore. The high price for oil and a retreat of Arctic ice sheets because of climate change has led more oil firms to increase their interest in the region.
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THE OPERATION IS BEING PERFORMED