The National Energy Authority grants TGS-NOPEC a license to prospect for hydrocarbons


The National Energy Authority of Iceland has today issued a license to prospect for hydrocarbons to TGS-NOPEC Geophysical Company ASA in the northern part of the Dreki Area.

The prospecting license was issued in accordance with Act No. 13/2001 on prospecting, exploration and production of hydrocarbons, as well as Regulation No. 38/2009 and Rules No. 351/2009. According to the previously mentioned Act, the opinions of the Ministry of Fisheries and Agriculture and the Ministry for the Environment were sought during the preparations.

The license gives authorization to the licensee to collect surface samples from the sea floor in the license area. In addition, authorization is given for acquisition of echo sounding measurements as preparation for the sampling.

The license is valid from today through 8 September 2012.

The prospecting license is non-exclusive and does not give a right to either exploration or production of hydrocarbons after the studies are complete. The National Energy Authority of Iceland receives all data that is collected in accordance with the prospecting license for safe-keeping and can use the data as information for the Icelandic State on resources, while keeping the data confidential.

The prospecting license

Correction to prospecting license, dated 14 September 2011.