Sod the climate, let’s back to business as usual, including the Arctic oil rush. Its Iceland’s turn now. The country is going to offer companies exclusive oil and gas exploration licences in the Dreki area of the north Atlantic.

The area lies to the northeast of Iceland, between it and the Arctic island of Jan Mayen. Seismic surveys were carried out in the area in 2001-2002 on a non-exclusive basis.

“There is no assurance that producible quantities of oil and gas will be found in the Dreki area, but it is clear that considerable oil and gas discoveries could have vigorous impact on Iceland’s economy,” Minister of Industry Ossur Skarphedinsson said in the statement.

In awarding licences, Iceland says it will place strict requirements on security, work safety and environmental, the Ministry of Industry said.

Heard that one before…

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