Results from a new study show that oil can most certainly be found in the Dreki area. Two companies, TGS and Volcanic Basin Petroleum Research (VBPR) collected samples that confirmed this.
High hopes have remained for a long time that oil could be found in the Dreki area. The map shows where it is; both Iceland and Norway have the rights for resources in the area.
The two companies collected over 200kg of samples from a 1000m high rig underwater. The samples were taken from 12 areas.
According to Icelander Kristinn Einarsson from the National Energy Authority in Iceland, says that this confirms that oil formation is a fact and this is the best result yet that oil can indeed be found in the area.
"The samples are taken from rocks from the Jurassic period, 200-150 million year old rock formations," Kristinn told RÚV.
Prior to last summer no rocks older than 50 million years had been drilled or sampled in this area. Advanced geochemical analyses of the recovered sediments suggest active seepage of Jurassic oil and a working hydrocarbon system.
A comprehensive project report is available for immediate delivery. The report is highly relevant for the current Icelandic Licensing Round but also for deep water exploration along the European and Greenlandic continental margins. For the report, see the energy authority website.
Bidding for the search will open in April.