China National Offshore Oil Corporation
In October 2013, China National Offshore Oil Corporation (CNOOC), Eykon Energy and Petoro Iceland agreed upon a joint venture. This allowed them to obtain a license to explore for oil and gas within the Dreki region of the North Atlantic. CNOOC had the majority ownership of the project, as it held a 60% share. In January 2018, CNOOC announced that it would not renew its exploration licence due to insufficient evidence of potential fossil fuels and the hazardous environmental conditions of the area.