• 6 minutes U.S. - Saudi Arabia: President Trump Says Saudi Arabia's King Wouldn't Survive "Two Weeks" Without U.S. Backing
  • 10 minutes Iranian Sanctions - What Are The Facts?
  • 15 minutes U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 2 hours Can the World Survive without Saudi Oil?
  • 10 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 2 days COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 1 day $70 More Likely Than $100 - YeeeeeeHaaaaa
  • 9 hours German Voters Set to Punish Merkel’s Conservative Bloc
  • 1 day How Long Until We Have Working Nuclear Fusion Reactor?
  • 2 days China Thirsty for Canadian Crude
  • 4 hours Threat: Iran warns U.S, Israel to expect a 'devastating' revenge
  • 2 days China Tariff Threatens U.S. LNG Boom
  • 10 hours Saudi A Threatens to Block UN Climate Report
  • 2 days Cruise ship could get a 100'000$ fine for using illegal bunker fuel
  • 2 days UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 2 days China auto sales sink
  • 8 hours Nothing new in Middle East? Iran Puts On 'Show Of Strength' Military Exercise In Gulf
Alt Text

Libya And Nigeria Lead OPEC Production Boost

OPEC ramped up crude oil…

Alt Text

Saudi Arabia And Russia Make Secret Oil Deal

Saudi Arabia and Russia have…

Alt Text

Citi: Brent-WTI Spread Could Widen To 5-Year High

Rising U.S. production and soaring…

Editorial Dept

Editorial Dept

More Info

Trending Discussions

Iceland’s Offshore Oil Potential

In 2012, following several years of economic crisis, a mountain of debt, and ultimately a currency crisis, Iceland was looking for ways to diversify its economy. The tiny island-nation had become massively overextended into international finance, and needed to develop other industries.

Add to that the fact that Iceland is a huge importer of fossil fuels. The volcanic island is abundantly rich in energy resources that can be used for electricity. It has more geothermal and hydropower than it knows what to do with, making its electricity sector one of the cleanest in the world. However, it hasn’t developed indigenous fossil fuel resources, forcing it to resort to costly imports for its transportation sector. As a result, there is a big motivation in Reykjavik to develop offshore oil and gas.

Another Arctic Producer?

Iceland would be one of a just a handful of countries looking to drill above the Arctic Circle. Royal Dutch Shell (NYSE: RDS.A) is currently drilling an exploratory well in the American Arctic. Russia’s state-owned firms are further along in their Arctic territory. Norway’s Statoil (NYSE: STO) is also drilling in the far north.

There are good reasons to think that Iceland has oil and gas potential. The key reason is the Jan Mayen Ridge, which once connected Greenland and Norway. Around 55 million years ago, the seafloor began separating, which pushed East Greenland, Western Norway, and the Shetland Islands away from each…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News