Project Profile
Value: Undisclosed
Location: Icelandic Continental Shelf
Area: 2,700 sq kms
Start-up Year: -
This Second Round licence in the Dreki area on the Icelandic Continental Shelf was issued in January 2013. The licence area is extensive, encompassing seven licence blocks covering approximately 2,700 sq kms, located to the south of the Jan Mayen Ridge, which in turn is located inside the Arctic Circle to the north east of Iceland. The licence area is on a ridge which forms part of the Jan Mayen micro-continent which lies between the conjugate margins of both East Greenland and the Norwegian Continental Shelf, where several giant oil and gas fields have been developed. Recent samples taken from the seabed within the northern part of the licence area have indicated the presence of both Mesozoic sedimentary rocks and a working hydrocarbon system. These are key components associated with many of the oil accumulations found in offshore fields in Norway and the UK. Faroe Petroleum has mapped several very large structures within the licence area and the work programme will focus on de-risking these leads ahead of a drill or drop decision four years after the grant of the licence Faroe Petroleum Norge AS, Icelandic Branch is operator of this licence with a 67.5% interest in Blocks IS6808/8,9,10,11,12, IS6708/1,2 together with Petoro Iceland AS, Icelandic Branch (25%) and Iceland Petroleum ehf. (7.5%).
Operators:
Faroe Petroleum: Operator with 67.5% interest
Petoro Iceland AS: 25% interest
Iceland Petroleum: 7.5% interest