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Iceland to offer offshore drilling licences in race for Arctic's oil

Reykjavik is hoping to attract investment from some of the world's biggest oil companies as it finalises the terms for its first offshore licences. Several British groups are among those considering submitting bids in January for about 100 exploration licences. They cover 40,000sqkm of ocean more than 300km northeast of Iceland and south of the Norwegian Jan Mayen islands.
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