Faroese oil and gas company and become partner in a strong group of international oil and gas companies. In that way the necessary skills and knowledge to run a professional, competi­tive, and independent [...] independent oil and gas company, financially strong and well-respected in the industry, and prudently managed to provide a robust return to its shareholders, a focus for business integration and development [...] independent oil and gas company could be achieved. Furthermore, the company would get access to the industry and to more opportunities. The early development of the Company should be based on the activities on

transport of persons and/or goods between Faroese and foreign ports or between foreign ports, including vessels which are used as rescue vessels and which are not registered with home port in the Faroe [...] exploitation of hydrocarbons; and d) gains or losses on assignment of plant and machinery, ships and buildings solely used in relation to preliminary investigations, exploration for and exploitation of hydrocarbon [...] services that a modern society has to offer. Income tax is paid with the presumption that it has been assessed and collected in accordance with rules that are applicable to all Faroese citizens. In recent

competitive, we have to be inventive and learn how to develop new concepts and fresh thinking. And when setting our goals and objectives, we have to be strategic and think ahead – yet in following through [...] know exactly where and when and by whom the fish on our table was caught. All this should give our fish products a significant competitive advantage. Heading Towards a Creative and Knowledge-Base­d Economy [...] fleet and a strong manufacturing sector. But when we’re dealing with a globalised market where demands change every other day, this is not enough. I think the Faroese people and our economic and political

leaves with the best impressions of the host country. They will be wined and dined and strenuous efforts will be made to meet whatever individual wishes they have with regard to sightseeing and meeting [...] we can now expect and conclude that beneficiaries of it will be bought off. This would be true if their heads are turned by such VIP treatment. But if people go into such visits with their eyes open then [...] the relationship and to pursue this with equal determination. There must after all be large areas of mutual interest. This means it is time for some strategic thinking about relations with the Faroe Islands

lawyers (with expertise in oil and gas law), accountants/auditors, tax-consultants, etc., and that the wish to build Faroese competence in general and in oil and gas matters in particular should also include [...] specialised and very experienced in advising the oil and gas industry, has decided to open an office in the capital of the Faroe Islands, Tórshavn, that will offer legal services to the oil-industry and the connected [...] ustry both in relation to Faroese legal issues and in relation to the more specific and/or special oil and gas law issues. Mr. Jóhannus Egholm Hansen and Ms. Penelope Warne both confirm that it is a declared

Faroese, was clearly not so for the UK with its much larger and more diverse economy and wider international interests. Thorshavn had to wait and wait?and wait?and watch BP for one notch up a string of [...] of low oil prices, higt exploration and development costs, and the fact that the area has not been as prilific as the industry had hoped. At last the door is open to the first Faroese oil and gas licensing [...] launched and for oil companies to test the hunch that reserves of crude and gas are trapped beneath the massive basalt shielt that masks much of the sedimetary rock beneath the archipelago and its undersea