Oil May Be Found Northeast of Iceland

Recent seismic studies and re-evaluation of available data indicate the presence of thick Mesozoic sediments, similar to those found in the adjacent and geologically-related oil areas of Norway and Greenland.

Surface pockmarks, which are known to cluster around major hydrocarbon fields in the North Sea, were also recently discovered in the area.

At the upcoming American Association of Petroleum Geologists Prospect and Property Expo (APPEX) in London 3-5 March, Orkustofnun, the National Energy Authority of Iceland (NEA), will introduce new data corroborating the potential of finding oil in the Dreki area.

The Dreki area is part of the Jan Mayen Ridge micro-continent, which was separated from the continental shelf of Greenland and Norway by plate tectonic movements 45-60 million years ago.

There is strong, but indirect, evidence that oil or gas might be found in the area. This includes sedimentary rocks of sufficient thickness and age, potential source rocks similar to East Greenland's, potential reservoir rocks, submarine fans, potential structural and stratigraphic traps and seismic anomalies indicating that hydrocarbons might be present beneath the seabed.

Author: Ksenia Kochneva