Icelandic Energy Company Cancels Norway Oil Search

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Icelandic Energy Company Cancels Norway Oil Search

By Zoë Robert
Oil drilling platform

Photo: Wikipedia.

Icelandic energy company Eykon Energy has decided to cancel its application for an oil exploration license for the Norwegian continental shelf, ruv.is reports. 

According to director of the company, Gunnlaugur Jónsson, Eykon has decided to focus on oil exploration in the so-called Dragon Zone, which lies in Icelandic waters.

Eykon Energy ehf., which is a subsidiary of Eykon AS in Norway, holds a 15 percent share in the third Icelandic license for oil exploration in the Dragon Zone while CNOOC Iceland, a subsidiary of CNOOC International, holds 60 percent and the Icelandic branch of the Norwegian state-owned company Petoro AS, holds 25 percent.

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