Aljubarrota prospect in 2000 and again in 2001. The adventure proved a commercial failure and resulted in Desire backing away. In its 2001 annual report, Desire said prospects identified in the Lusitania Basin [...] Portugal to Lofoten off Norway ? slow. There are few commercial discoveries to show for the enormous effort made, except in the Norwegian sector where results obtained are the most promising to date. And yet [...] interval of approximately 170m in Palaeocene sediments. Located in 950m of water, close to the UK/Faroe boundary in the White Zone, the well was drilled to a total depth of 4275m in a deepening operation, after
and collected in accordance with rules that are applicable to all Faroese citizens. In recent years an increasing number of special rules concerning income taxation have been enacted in the Faroe Islands [...] Faroese waters. In order to be covered by FAS it is also necessary that the ship owner in question is a resident in the Faroe Islands. If the ship owner is a company it has to be registered in the Faroe Islands [...] vessels and which are not registered with home port in the Faroe Islands. Also foreign vessels and other floating equipment, which are used in connection with exploration and exploitation of hydrocarbons
taste a flavour of the mood in the islands, look no further than the film Local Hero, a huge hit in Britain when it opened in cinemas across the country in 1983. One scene in particular struck a chord with [...] economic development projects. »The work has almost been done,« he said. »There are now so many businesses in Orkney that are growing and doing well. They provide us with the basis for future prosperity [...] modern new library in the Orkney capital, Kirkwall. Funding for both has come from the council's oil reserves, which currently amount to almost 143 million (pounds) in total. »There will always be some
where the next tranche of wells are drilled. With three ticked off so far, there are another five commitment wells to drill under the four six-year licences awarded in the First Faroe Islands Offshore [...] However, identifying traces of hydrocarbons in the first well must be considered encouraging for future work in the area.? Stakeholders in the Longan well are operator Statoil (35%); Phillips Petroleum [...] hydrocarbons in the Faroes area were found on land and comprise coal deposits, organic waxes found in basalt, and inconclusive traces of oil mixed with water in the Lopra-1 experimental well drilled in the early
Oil folk are happy. Fisherfolk are appeased. Much of the boundary is equidistant. There is only one sector where Britain appears to have gained the upper hand, but it is modest. Step back five years or [...] between peacable North Atlantic neighbours can take this long, what hope is there for reaching dials where the politics are far more complex and where open conflict may exist. I am, of course referring [...] believed a better deal could have been brokered, had UK PM Tony Blair been presonally involved in talks with the Danes in Copenhagen over the fate of the Faroese. Head of the Faroese negotiating team, Arni Olafssen
