Between Iceland and Jan Mayen Island, of Norway, lie potential new oil fields. A proposal was made to explore the area. Iceland approved it to begin in January 2009.
Drilling is required to determine whether the oil is really there, but the production licenses will not be approved until all environmental factors are considered. Several oil fields have already been found in the surrounding areas. Should oil be found, Iceland will set strict rules to be as environmentally friendly as possible.
Iceland looks forward to the discoveries as it would greatly impact their economy and add to the hydropower and geothermal energy already in use there.
