Statoil, Jardfeingi and other institutions are re-examining the geology of the Faroe Islands. Finally, in early wells drilled in the Faroes offshore there were encountered small amounts of hydrocarbons [...] remaining in the Faroes for hydrocarbon exploration after drilling two dry wells?' Statoil answers this on several fronts. First it is a 30% partner in the exciting Rosebank-Lochnagar Field, discovered in late [...] constitute significant untested exploration potential in the Faroes. In 2006 Statoil and its partners did drill the Brugdan prospect in the Faroes (well 6104/21-1); an analogous structure to Rosebank. The

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

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

Base. They are quite optimistic in their views that oil will be extracted from the Faroese CS. They are preparing themselves for a possible oil industry in the Faroes. Atlantic Supply Base in Runavik has [...] has been an active participant in the exploration drilling that have been made in the Faroes since 2001, i.e. 5 wells. ASB was founded in 1999. Now, new challenges are ahead of us. The Statoil explorations [...] supply base service, and the Oil Companies who have done there exploration well’s, have been well satisfied with our service, so I do not think there is any reason to move the supply base away from Runavik