been built up in a company like DONG. At the same time, traineeships are a good way of developing good personal connections with the Faroe Islands and of gaining local anchorage and knowledge,« says Jan [...] is easier to work together with others if all the parties involved have the same understanding of things,« says Senior Vice President Terje Edvardsen from DONG. Together with the other companies in The [...] themselves. The drilling campaign has resulted in big savings in connection with the various wells. The mobilisation costs connected with the drilling rigs have been shared by the companies. In addition, each

rsible Sovereign Explorer was on to something good. The bets were on gas with condensate or gas with oil. In the event, Minister Elttur announced the good news ? it was gas and oil encountered over a gross [...] the four six-year terms granted, three nine-year terms were also issued, with 005 going to Agip with FK; 006 handed to Statoil with Anadarko, Phillips, Enterprise and Veba; and 007 issued to Anadarko alone [...] pushed the lucky Marjun Prospect wildcat well to a much greater depth than was originally planned. With one clear discovery notched up out of three exploration wells drilled, the success rate achieved in

unprecedented prosperity with hotel rooms at a premium and hardly a seat available in the rapidly increasing number of restaurants inn the city which had truly become cosmopolitan with American, French and [...] disappeared along with thousands more onshore. A leaner and meaner oil industry emerged from the slump focused on driving down costs to make the North Sea more globally competitive and with each year since [...] Sell the house if you can, I?m off.? Rear window stickers appeared in cars all over the city pleading with the Almighty for a second oil boom and promising, in less than reverend terms, not to waste a second

us with the basis for future prosperity.« Traditionally, Flotta itself has put huge amounts of cash directly into the Orkney economy by paying people big salaries they in turn spent on local goods and [...] Britain when it opened in cinemas across the country in 1983. One scene in particular struck a chord with people here. The Hollywood star Burt Lancaster steps out of a helicopter on to a remote Scottish beach [...] directed Local Hero, an American oil tycoon called Hammer - the legendary Dr Armand Hammer - had watched with pride as the British Government's Energy Minister officially opened the oil terminal on Flotta. While

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 [...] board a vessel registered with home port in the Faroe Islands that is bare-boat leased to a foreign company solely for the purpose of commercial transportation of persons and/or goods or 2. on board oil rigs [...] 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 Islands

very busy with oil related ships. Our income this year is well up, and much of that is thanks to oil-related offshore activity.« »There is more emphasis now on these areas, especially with the turmoil [...] authority in Scotland and beyond. With an unemployment rate close to 1%, the islands? economy is continuously on the verge of overheating. The islands? authority with its many financial instruments has [...] is hidden away 30 miles north from Lerwick, the busy capital of Shetland. The side effects With all these good news, one can justifiably ask whether Shetland ? within its limits of its devolved power ?

Petroleum will meet with the oil companies and representatives from the Faroese industry to discuss the issue of local participation in connection with the activities this summer. Evaluation is good but it all [...] hydrocarbon production on the Faroe Shelf in the future, the local industry will also face a new challenge with a marked increase in activity. According to the Faroese hydrocarbon act, all activities - as you probably [...] difficulties were to be expected when you combine the traditional working methods of the oil industry with the stipulations of the hydrocarbon law and the expectations of the local business community. Let

will also provide valuable data for the Faroese effort, whether or not it is successful. Naturally, there is no telling how lucky Agip, in partnership with Foroya Kolvetni, will be next year when it spuds [...] development (namely Foinaven and Schiehallion/Loyal, with Clair scheduled to come onstream in 2004), and elsewhere in Atlanto-European waters, with the qualified exception of Norway. The French, Spanish [...] Eastern Canada is said to be considerable. And, in Greenland, there is nothing to show for efforts made to date, with only one company seeking a permit in the latest licensing round. In recent years it has

partner company FK met with officials from the Faeroes Ministry of Petroleum in mid-November to plan out the next phase of exploration drilling for the company. BP?s disappointment with its first well drilled [...] currently struggling to find the right place to drill.? Offshore Faeroes still looks like a good exploration play, with oil companies still prepared to pump millions of pounds into the region. Much has already [...] frontier areas such as offshore the Faeroe Islands is an expensive, nerve-wracking occupation fraught with economic uncertainty and personal danger, capable of giving jaded oil executives emotional highs and

the whole stadium rose as one to applaud their heroic efforts. In the last few minutes of the match Hjalgrim Elttør found himself one on one with Oliver Kahn after sharply latching a headed flick from [...] silenced the German fans as well as their Oompah Band while the Faroese fans gave voice to their feelings with a rendition of ?Tú Alfagra Land Mítt? that resounded through a now otherwise silent stadium. This [...] and runners-up in the recent World Cup finals. Moreover Germany were playing in there own backyard with 35,000 supporters expecting them to provide a goal feast. And this is exactly what one feared when