Iceland and Norway sign bilateral agreement
This article is extracted from International Oil Letter, Vol 24 issue 46, published 24 November 2008.
In anticipation of Iceland's planned licensing round, the foreign ministers of Iceland and Norway have signed a bilateral agreement on cross-boundary petroleum resources. The agreement outlines further detail on procedures in relation to each country's rights of participation with regards to oil and gas exploration within the Jan Mayen Agreement Area.
It builds on the original treaty signed between the two countries in 1981. Under the terms of the treaty each country has a right to 25% interest in petroleum activities in each other's part of the Jan Mayen Agreement Area. The first quarter of 2009 is the planned kick off date for Iceland's offering of acreage in the Northern Dreki Area, 30% of which will be in the Jan Mayen Agreement Area.
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