Subscription accessThird Faroese Licensing Round
On 11 July 2008 the Minister of Fishery and Natural Resources invited interested
companies to apply for hydrocarbon exploration licences under the Third Faroese
Licensing Round. The acreage on offer lies to the east, south and south-west
of the
When awarding exploration licences, emphasis will be placed on the work programmes
that the applicants are willing to undertake. In addition, it is important
that the Faroese industry is given an opportunity to participate in the activities
to allow hydrocarbon exploration and production to contribute to a more diversified
business community.
Applications must be submitted to Jarðfeingi by 3 November 2008 and the Minister intends to award licences by the end of 2008.
Map: Showing the blocks on offer in the Third Licensing Round (dark green diagonal
shading). Source: PetroView®
The First Licensing Round was carried out in the
Commenting on the Licensing Round, the Minister of Fishery and Natural Resources,
Mr Tόrbjørn Jacobsen, said: “The increased amount of information
available for the Faroese area, as well as improving technology, will increase the
probability for finding commercial quantities of hydrocarbons. There are still
large areas remaining to be explored as only six exploration wells have been drilled
to date. In addition, these wells are not widely distributed and they have
only penetrated a limited part of the stratigraphy.”