Icelandic environmentalists against Jan Mayen oil

It’s not time for Iceland to “bet on oil”, as they seem to be doing after granting three oil licenses for the Drekasvæði (Icelandic Jan Mayen area), where “there are few indications” that production will be profitable, says Árni Finnsson of the Iceland Nature Conservation Association (Náttúruverndarsamtök Íslands) to AFP. Árni’s and other local environmental organisations had shown their opposition to Jan Mayen exploration earlier, for example with a demonstration just after Chinese major CNOOC got the third of the licenses some six weeks ago.

Eykon Energy, CNOOC’s local partner in the Jan Mayen license, would surely differ with Árni’s assessment of the prospects for oil exploration in the area. They’ve been talking about reserves of up to 1bn barrels of oil equivalent, some twenty times what the Norwegian petroleum directorate estimates is to be found down there.

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