Exploration efforts offshore Iceland continue with Chinese oil company CNOOC International and its partners presenting the preliminary results of 2D seismic studies across the Dreki Area to the National Energy Authority of Iceland, Orkustofnun.
Results of another seismic program over the Dreki Area, for operator Ithaca Energy are due this December, says Orkustofnun.
According to Orkustofnun, CNOOC and its partners Eykon and Petoro (Norway's state oil firm), the seismic data, which was acquired in 2015, calls for further exploration, with a possibility that 3D seismic data could be acquired across selected parts of the firm's Dreki license area in 2017-18.
The work program on the license does not require for 3D seismic acquisition to be acquired until 2018 at the earliest. But, if the results of 3D seismic acquistion were positive, an exploration well could be drilled some time in 2022-2026.
But, Orkustofnun warns, "lot of uncertainty remains whether hydrocarbons can be found in the Dreki Area and if so if it is in commercial quantities."
Meanwhile, Ithaca, with partners Kolvetni and Petoro, expects the results of its 2D seismic acquisition by early December. The firm has until January 2017 to make a decision over moving to its next work phase, 3D seismic.
Orkustofnun has granted three licenses for exploration and production of hydrocarbons in the Dreki Area. One of the licenses, help by Faroe Petroleum, was relinquished in January 2015.