The National Energy Authority of Iceland approved in December two applications for exploration and production of hydrocarbons on the Icelandic Continental Shelf in the Dreki area. Petoro AS (Stavanger, Norway) will participate in both licenses to a 25 percent share under an agreement between Iceland and Norway. Faroe Petroleum (Aberdeen, Scotland) and Iceland Petroleum ehf (Reykjavik, Iceland) were also awarded interests in the license. Faroe will be operator of these provisional licenses, with a 67.5 percent interest in blocks IS6708/8,9,10,11,12 together with Petoro (25 percent) and Iceland Petroleum (7.5 percent). Faroe will have a 90 percent interest in blocks IS6708/1,2, along with Iceland Petroleum (10 percent), which are located outside the Norway-Iceland cooperation area.
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