28. mars 2012

Annual Report

The Annual Report of Iceland GeoSurvey for the year 2011 is now accessible on the company web site. A considerable growth in the number of foreign projects is among the highlights of the report. The revenue from such projects was 16% higher than in the year before, amounting to 32.7% of the total revenue of Iceland GeoSurvey in 2011. The main projects were in Chile, Kenya, Nicaragua, Dominica, Croatia, Ethiopia and Turkey.

The domestic operation of Iceland GeoSurvey is greatly marked by the long-lasting uncertainty about the future direction of energy utilization in Iceland. In the last few years substantial part of the operation of Iceland GeoSurvey has been related to the servicing of drilling in high-temperature geothermal fields in Iceland. For this purpose, Iceland GeoSurvey has built a strong operation in borehole logging and borehole geology, both by investing heavily in new tools for logging and by training new employees. There has been a tremendous contraction of projects in this field since 2008.

The main domestic projects of Iceland GeoSurvey involved research, counseling and service for the Icelandic energy companies. This includes customary production monitoring, reservoir modeling, drilling advice and environmental monitoring, in addition to research on problems in connection with geothermal exploitation and exploration. Services related to drilling of four high-temperature geothermal wells, two at Theistareykir and one in each of the Hellisheidi and Reykjanes fields, were a large part of such projects. Iceland GeoSurvey also continues to serve as the main scientific advisor to the National Energy Authority in matters related to the continental shelf and the search for hydrocarbons.

In addition to service projects, Iceland GeoSurvey participated in many research projects, in some cases with the support of energy companies and domestic and foreign research funds. One of the largest ongoing research projects is a European cooperative project on seismicity in connection with the reinjection of geothermal fluid. Because of earthquakes in the reinjection area of Reykjavik Energy near the Hellisheidi geothermal plant, this issue received a great deal of attention during the year.

The Annual Report for 2011 can be obtained by selecting the link, Iceland GeoSurvey Annual Report 2011

Earlier Annual Reports can be found under Publications.

A paper copy of the Annual Report can be requested by sending an email to [email protected].