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This project was actually up for some discussion, but probably went more or less unnoticed due to all the "we making billions" everyday news (pre-crash)

A wery neat project and when it first came around (still pre-crash) even then it seemed way to big and dreamy for small little Iceland. But now, with this situation we can all stop dreaming about this project, for atleast 15 years.

we don´t even have McDonalds in Iceland anymore, so a huge autodrome is wayyy off, god damnitt

shame

But I live currently in Oslo, so the barcode project and the Björvika projects have to stay on track!!!!
 

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But now, with this situation we can all stop dreaming about this project, for atleast 15 years.
I had hoped you would find oil which I read somewhere thay you where looking for, so you could get out of this mess a bit quicker.
But I havn't read if you found oil or not, so no luck there perhaps?
I think it was somewhere in your zone bordering the norwegian zon of Jan Mayen or something?
 

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Discussion Starter #23
I had hoped you would find oil which I read somewhere thay you where looking for, so you could get out of this mess a bit quicker.
Actually that dream was lost just a few weeks ago when all the oil companies pulled out of this oil-campaign.
 

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Actually that dream was lost just a few weeks ago when all the oil companies pulled out of this oil-campaign.
Yeah, it was always clear that the first round of offering exploration licences was an epic fail. The timing was horrible, in early 2009 when the price of crude hadn't been lower for years (30-40 USD). The result was that only a couple of small exploration companies applied for licenses which simply didn't have the resources to go through with any actual exploration. The tax regime offered by Icelandic authorities was also mentioned as a reason why these companies backed out.

None of this means that the dream is lost or that anyone has given up on the Dreki area. It only means that it is stupid to expect oil companies to be eager about exploring new areas when oil prices are low and in the middle of a financial crisis. Exploration licenses will be offered again to interested parties in 2010.
 

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I had hoped you would find oil which I read somewhere thay you where looking for, so you could get out of this mess a bit quicker.
But I havn't read if you found oil or not, so no luck there perhaps?
I think it was somewhere in your zone bordering the norwegian zon of Jan Mayen or something?
The area you are referring to is called Dreki (at least on the Icelandic side) and it lies on the border between Icelandic and Norwegian economic zones near Jan Mayen. There has been no actual confirmation of oil there but the most optimistic estimates assume 10 billion barrels of extractable oil. But then again, that number could also be a big fat zero. In any case, oil extraction will never start before 2015-2020 so it's not much of a help in the current crisis.
 

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Discussion Starter #26
Yeah, it was always clear that the first round of offering exploration licences was an epic fail. The timing was horrible, in early 2009 when the price of crude hadn't been lower for years (30-40 USD). The result was that only a couple of small exploration companies applied for licenses which simply didn't have the resources to go through with any actual exploration. The tax regime offered by Icelandic authorities was also mentioned as a reason why these companies backed out.

None of this means that the dream is lost or that anyone has given up on the Dreki area. It only means that it is stupid to expect oil companies to be eager about exploring new areas when oil prices are low and in the middle of a financial crisis. Exploration licenses will be offered again to interested parties in 2010.
I know the Norwegian companies was the last to pull out, so i guess they are the most eager. Oil prices are expected to reach new heights 2010-2012, so Iceland will get a new chance as you say. And since we just opened for drilling around Jan Mayen the chances are big. Still, what reminds is finding oil of course...
 
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