it was their intention to land Faroese oil in Faroe in an attempt to gain the full economic benefits. Mr Goodlad adds that Sullom Voe and a fictive Faroese terminal would have to compete with the cheaper [...] the Faroese oil industry to take off and is confident that both island groups will benefit hugely once oil is discovered in the Faroese sector. Already speculations are mounting to what extent the islands [...] field ? 75 kilometres to the northwest of Shetland - had reached agreement and intended to go ahead with Phase 1 of the field?s development, which will see the recovery of up to the first 250 million barrels