be subjected to intense studies over the coming months. If we see hydrocarbon production on the Faroe Shelf in the future, the local industry will also face a new challenge with a marked increase in activity [...] has meant that the oil companies and their contractors have to turn their focus towards a new market to find out what that particular market has to offer. This stipulation also commits the local business [...] Faroes conference, and I am honoured to be invited back this year. Last year we were on the brink of a new industry in the Faroese context. Today we have three exploration wells behind us and a lot of experience

much beyond what we have originally envisaged. It is the first piece of fixed infrastructure going out west. There is a lot of exploration going on to the West of Shetland and to the East of Faroe, and [...] fields in the East Shetland Basin ? rather than the islanders longing for the influx of a completely new world. In fact, considerable concern was voiced as regards to the impact the advent of the oil industry [...] the major player in the economy, stimulating growth, encouraging diversification and kick-starting new ventures. Funded through the interests from investments on the international financial markets, Shetland

barrel at the beginning at up to more than $26 by the end but hopes were high that the new Millennium would bring new prosperity. A step towards that had been taken with the formation of the Oil and Gas [...] methods are being challenged and new ones developed. Compa-nies are drilling deeper, further, and in more demanding conditions and developing skills which will open up new opportunities all over the world [...] airport and bustling heliport, the busiest in Europe, which Aberdeen now boasts. Aberdeen has changed out of all recognition because of the oil industry and the challenge for the Faroes, if oil is discovered

and was carried out in conjunction with the members of Faroes Licence Groups 6 (Statoil, Anadarko, Enterprise, Phillips Petroleum and Veba Oil) using Veritas? seismic vessel, M/V New Venture. In addition [...] frequencies«) that usually carry the tune. As a result, the high notes are relatively weak, and music coming from another house or room typically sounds like a deep, »thud, thud«. Although the context is somewhat [...] discouraged oil companies from exploring the area more fully. However, Professor Ziolkowski has pointed out that, although basalt is relatively »opaque« to conventional seismic sources, it should be more »t