and we will make no progress, says Mr Rasmussen. – Instead we should make it interesting for the oil companies, by having a legislation which is flexible to administer, and make it easy to operate in the [...] through them we have access to a large amount of knowledge in this field, and this is a great advantage. If we are to establish ourselves in an oil industry, we have to attain the same competence levels as our [...] any case we ought to impose very stringent demands regarding what equipment is permitted into Faroe waters to operate. – We ought to do as the Norwegian do and set demands towards the oil companies so they

the oil found on our CS is of sufficiently good quality to extract, says Eli, who does not think that the oil should be extracted and taken to the Faroes. It does not make sense to transport the oil to [...] an opportunity for me to meet Oil Companies that may wish to come to Faroe Island to drill and, of course, also those who work at a short distance from the Faroese/UK border. If Oil Company works on the [...] would be much too expensive to make a terminal and lay new pipelines to our islands. In Shetland, we find an oil terminal with all the equipment necessary; we can, sell the oil to them and take the proceeds

linking of oil platforms west of Shetland ashore is not a new idea. The demand for a permanent link ashore has been around for many years and a dialogue has been on-going on how to link oil platforms to the mainland [...] that it may become a reality to link future oil producing fields by the Faroe border to this cable or more appropriately to the other producing oilfields already connected to the SheFar-cable. There is, [...] the operating company and the land-based head office. To date BP has been forced to send all data and send IT specialists to the production site to deal with the many issues. This situation requires both

aware of oil companies electing to allocate activities abroad, which could have been performed here, directly due to the unclear tax situation”, says the minister, and he adds: -“Foreign oil companies [...] is the situation the international oil companies have been facing, if they intended to operate in the Faroes. The taxation system has been quite unclear and for many oil companies based in London, this unclear [...] pleased with this new agreement, which he hopes will increase the interest of foreign oil companies to work here: -“The oil industry has for a long time been requesting clear-cut rules on tax issues. Therefore

ve come to the conclusion that we need four or five years of production history under our belt before we have sufficient information to enable us to make sensible decisions on possible changes to the drilling [...] cuttings re-injection well. First oil is anticipated in Q3 2004, with daily output expected to peak around 60,000 bpd of oil and 15 million cu.ft of gas. Ramping up oil production will be a gradual process [...] It will take six years to drill and put all these wells in place.? Meanwhile, under the original plan, the Clair pipeline was to be laid next year, but the decision was made to install it summer 2003,

developed a system, which makes it possible to monitor a component from its initial installation to its grave. Each component receives its own identity tag, which makes it possible to monitor it from its i [...] demand for qualified staff. Easy-to-use A traceability system makes work more efficient and gives the oil companies an opportunity to save large amounts of money, but for it to work properly everything must [...] knowledge exists already, but is very often spread to the various company branches or to the individual staff member, and this is not satisfactory in giant oil companies, says the Marketing Director at Keel

this time to try to avoid any more boom to burst scenarios. Companies have expanded their horizons and diversified so their fortunes are far less dependent on the daily fluctuation of the oil price and [...] industry than ever before as efforts were intensified to try to safeguard the long term future of the industry. The North Sea oil industry continues to flourish and the North-east economy is buoyant. There [...] mainland suffer because all the available hotel rooms are filled by oil personnel. Will significant numbers of oil industry workers choose to make their homes in the Faroe Islands and push up the prices in the

time schedule when these undertakings have to be concluded. The objective is always to ensure that the companies have enough time to complete the work that has to be done. A suitable time frame is negotiated [...] harboured some fear, regarding how these multinational companies, which now were to invade our country, would conduct themselves. As time has passed, and the companies to a greater or lesser degree have [...] speak, it is eight years since the first oil exploration licenses were awarded. This happened on the 17th of August 2000. By so doing, a new facet was added to the varied Faroese economy. For many no doubt

Terje Edvardsen. »We want as much of the activities as possible to benefit Faroese society, partly because it is natural to exchange know-how, but also because it is, after all, the Faroe islanders' resources [...] money by avoiding having to set up an organisation in Denmark themselves just to drill one or two wells.« Another reason for the savings is that the drilling team has been able to optimise the drilling work [...] subsoil in a specific area, so we have been able to use our existing knowledge of the Danish sector and the experience we have gained from well to well to optimise the drilling work.« Jan Terje Edvardsen

Terje Edvardsen. »We want as much of the activities as possible to benefit Faroese society, partly because it is natural to exchange know-how, but also because it is, after all, the Faroe islanders' resources [...] money by avoiding having to set up an organisation in Denmark themselves just to drill one or two wells.« Another reason for the savings is that the drilling team has been able to optimise the drilling work [...] subsoil in a specific area, so we have been able to use our existing knowledge of the Danish sector and the experience we have gained from well to well to optimise the drilling work.« Jan Terje Edvardsen