Ladies and gentlemen,
One year ago I had the privilege to open the first Offshore Faroes conference, and I am honoured to be invited back this year. Last year we were on the brink of a new industry in the Faroese context. Today we have three exploration wells behind us and a lot of experience which I am looking forward to hearing more of over the next days.
There is another marked change since last year?s conference. We have established that our subsoil holds hydrocarbon accumulations in significant volumes and that poses a new challenge for the authorities, the oil companies and the local industry. The large quantities of data which has been collected from the drillings this summer will be subjected to intense studies over the coming months. If we see hydrocarbon production on the Faroe Shelf in the future, the local industry will also face a new challenge with a marked increase in activity.
According to the Faroese hydrocarbon act, all activities - as you probably know - shall be conducted via the Faroe Islands and that stipulation has meant that the oil companies and their contractors have to turn their focus towards a new market to find out what that particular market has to offer.
This stipulation also commits the local business community which has to be on its feet marketing its products and services as well as meeting the demands of the oil industry.
I know there have been difficulties in this cooperation, and if we are realistic, difficulties were to be expected when you combine the traditional working methods of the oil industry with the stipulations of the hydrocarbon law and the expectations of the local business community. Let me first say that my general impression is that the activities on the whole have been carried out in a satisfactory manner.
However I still think that this conference is a good forum for dialog between the parties involved, as they from time to time might seem to have opposite interests. I would like to thank the organisers for providing this opportunity to discuss the experience of the last 12 months. It is important that we talk together so we can voice our opinions and experience.
One thing that we have learned from our neighbouring countries is the need for evaluating the activities as we progress. There have been two meetings recently where lessons learned were on the agenda. In addition the Ministry of Petroleum will meet with the oil companies and representatives from the Faroese industry to discuss the issue of local participation in connection with the activities this summer. Evaluation is good but it all comes to nothing if we fail to follow up on the subjects that have been identified in the process ? at the Ministry of Petroleum we attach great importance to this work.
I hope that the lessons learned this last year will lay the foundation for a fruitful cooperation and understanding between the authorities, the international oil industry and the local business community.
Thank you.
