In the southern part of the Arctic the dream of oil is still alive. Iceland is hoping to find oil in the Dreki area but the crisis hit country could benefit by other means.
In the eastern part of Greenland lie vast resources of oil.
Greenlands problem is the countries infrastructure. With scarce population, long distances and gruesome transport, Iceland could be the perfect partner in Greenlands oil adventure.
The western part of Iceland could use a boost like an oil adventure. Icelandic oil from the Dreki area would also be sent to the Westfjords, if found.
Greenland is hopeful that oil can be utilized around the year 2020.
But near the Faroe Islands there is also some hope for oil. South of the Faroes, around the EEZ-lines of Faroes and the UK, utilizing of oil could start as soon as next year.
With new technology British scientist have reduced the cost of oil utilization of around 30%, making the project feasible, and profitable for UK.
This could mean the Faroes would get a slice of the oil cake, boosting the small nation’s economy significantly.
Source: BBC