Three Applications for Iceland’s Second Licensing Round

Iceland’s second offshore exploration and production of hydrocarbons licensing round came to a close on the 2nd of April, 2012.  The National Energy Authority ofIceland announced the following results:

  • Eykon (unregistered Icelandic company)
  • Faroe Petroleum (website) and Islenskt kolvetni ehf.
  • Valiant Petroleum (website) and Kolvetni ehf.

Iceland’s National Energy Authority is to have the applications processed by the end of November, 2012.

Some Information About the Applying Firms

The Icelandic magazine publisher, (Iceland Review – Quarterly, Atlantica – 6 issues per year), goes into the shareholder structure of those firms that have applied for blocks within the Dreki Area.

Kolvetni is owned by Jón Helgi Guðmundsson, the majority owner of the hardware chain store Byko, and his business partner Gunnlaugur Jónsson, who hold a combined 50 percent share, the engineering firm Mannvit, which has a 25 percent share, and Norwegian businessman Terje Hagevang, who holds the remaining 25 percent.

Hagevang is CEO of British oil company Valiant and used to run Sagex, a Norwegian company, which made tenders for oil exploration in the Dragon Zone in 2009. Jón Helgi and Gunnlaugur both have shares in Valiant.

Íslenskt kolvetni is owned by the engineering firm Verkís, Icelandic oil company Olís and the company Dreki Holding.

A group of investors are behind Eykon Energy: chairman Heiðar Már Guðjónsson, Ragnar Þórisson, Jón Einar Eyjólfsson and the aforementioned Gunnlaugur Jónsson and Terje Hagevang.

From the Iceland Review, 3rd of April, 2012.


  • Orkustofnun – 2, April, 2012 – The National Energy Authority received three applications in the second licensing round –
  • Iceland Review Online – 3, April, 2012 – Icelanders to Seek Oil in Dragon Zone –

One Response to Three Applications for Iceland’s Second Licensing Round

  1. Pingback: Iceland’s New Era of Offshore Exploration « Arctic Economics

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