The Foreign Ministers of Iceland and Norway met in Iceland to discuss economic issues and sign an Agreement on hydrocarbon deposits

The Icelandic Foreign Minister, Ms. Ingibjörg Sólrún Gísladóttir, met with her Norwegian counterpart, Mr. Jonas Gahr Støre, in Reykjavík this morning at the beginning of Støre´s official visit to Iceland.

The two Ministers discussed several topics. Among them, the current economic situation in Iceland, Norwegian assistance in the form of credit facilities and the forthcoming investigation of events that lead to the bank crisis. Both Ministers emphasized the importance of finalizing Iceland’s agreement with the International Monetary Fund (IMF) and the consequential loans from other Nordic Countries.

The Ministers also discussed co-operation within NATO, common security interests, as well as Iceland’s and Norway’s relations to the EU and the EEA-agreement.

The Foreign Ministers also signed an Agreement concerning transboundary hydrocarbon deposits. According to the Agreement, if it is established that a hydrocarbon deposit extends to the continental shelf of both countries, a special agreement shall be reached on the apportionment of the deposit between the countries and on the exploitation of it as a unit.

Furthermore, the Ministers signed Agreed Minutes on procedures in relation to their rights of participation with a share of 25% in petroleum activities in each other´s part of the continental shelf in the cooperation area between Iceland and Jan Mayen according to the Agreement between the countries from 1981.

Both of the instruments signed today are a prerequisite for granting licences for exploration and production of hydrocarbons in the Dreki Area on the Icelandic continental shelf. The area will be announced open for applications next year.