procedure is unique in the oil industry,« says Jan Terje Edvardsen. »Normally, the oil companies drill their exploratory wells themselves. The drilling campaign has resulted in big savings in connection with

required before the long-held dream of the Faroe Islands becoming an oil and gas producing province in their own right can ever be realised, if that ever happens. However, it is far too early to know what the

industry went into recession. House prices fell so dramatically some people simply handed their keys into their building societies and told them ?Sell the house if you can, I?m off.? Rear window stickers [...] 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 the [...] the very special atmosphere of the islands. The first gas was discovered in the North Sea by BP in their West Sole Field in 1965 and two years later Amoco found the first oil in the Arbroath field. It was

The locals of Flotta did not get rich in the way they - and their film counterparts - had hoped. In Local Hero, villagers relish swapping their homes for oil dollars and argue over the rival merits of owning [...] Forsyth. But apart from expensive musical instruments, islanders can see distinct parallels between their own story and that of the fictitious account of Felix Happer's plans to turn an idyllic Scottish bay [...] building new and often lavish houses. »Flotta homes«, as they are known, have become landmarks in their own right and will one day stand as monuments of a prosperous era in the islands' history. »At the

objective of the FAS arrangement is that the shipping companies get refunded a part of the wages paid to their employees. The objective of the special rules for taxation on crew?s wages is that the crew?s wages

offshore industry as smaller, independent players seek niche opportunities to generate value for their shareholders. The developments are being watched closely by the industry around the world. Companies [...] returns. But most of the companies remain confident, at least publicly, that they will make returns on their North Sea investments. One factor that is encouraging is that the industry appears to have a closer [...] the brave and it looks likely to be very definitely so in this case. Abbot?s move into Iran, like their activities in Libya, which attracted negative comment particularly in Washington now looks less c

oil fields. It is investment today for the ongoing business tomorrow.« Others are more open about their aspirations and hopes. The chief executive of the Lerwick Port Authority, Allan Wishart says the whole [...] sector, and none was successful. Also, it has been made clear by the Faroese authorities that it was their intention to land Faroese oil in Faroe in an attempt to gain the full economic benefits. Mr Goodlad [...] has been secured for at least another 20 years. Simplifying the complex structure of payments - and their reinvestment - made by the oil industry to Shetland Islands Council, Shetland has today (November

conducted via the Faroe Islands and that stipulation 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

historical and descriptive account of Island, Greenland, and the Faroe Islands, with illustrations of their natural history. Edinburg, 1860. Niels Winther: Færøernes oldtidshistorie. Torshavn, 1985 Ølgaard

Minister of State for Marine and Natural Resources told the Irish media: ?While it is too early to judge their economic significance, the results clearly demonstrate the presence of a working petroleum system