Iceland Targets Commercial Oil Discoveries Off Its Coast by 2025
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Iceland expects to have made commercial oil discoveries in three separate areas off its coast by 2025, according to Foreign Minister Ossur Skarphedinsson.
The areas are in the waters at Dreki northeast of Iceland, near the volcanic island of Jan Mayen, and off the coast of east Greenland, the minister said in an e-mailed statement today. Iceland is particularly “optimistic” about finding oil at Dreki after research last year provided “incontestable proof” of its existence, he said.