CNOOC starts preparation work to explore for oil and gas offshore Iceland

Offshore staff

SINGAPORE – China's CNOOC International Ltd. has started preparation for oil and gas exploration in Iceland's offshore Dreki Area, making CNOOC the first Chinese upstream company to explore for oil and gas in the Arctic.

Iceland's national energy authority, Orkustofnun, granted CNOOC and its partners, Icelandic oil and gas exploration company Eykon Energy and Norwegian oil and gas company Petoro, the exploration license for the Dreki Area in late January.

CNOOC has 60% interest in the acreage, with Eykon Energy and Petoro holding 15% and 25% stakes, respectively.

03/11/2014