Platts referred to an official with the Chinese giant's investor relations department, reporting that preparation was being undertaken to begin exploration in the Dreki area.
Iceland's national energy authority Orkustofnun granted an offshore licence to CNOOC in January, making it the operator with a 60% sahare, while Eykon Energy took 15% and Petoro Iceland took 25%.
Okustofnun believes there are two possible hydrocarbon accumulations off Iceland in the Dreki and Gammur areas.
The northern part of the Dreki area has undergone a number of surveys, covering 42,700sq.km, with water depths ranging mostly from 800m to 2000m.
No oil and gas exploration well has been drilled in Iceland so far.
