as well as the general terms and conditions of the licenses. Therefore, the time span from the moment work commences on a licensing round and to the point when the round is launched, is likely to be longer [...] with the industry next spring in order to assess the interest for an upcoming round. If the consultations indicate a level of interest, the next step is likely to be some sort of nominations later in the [...] a licensing round in the Faroe Islands cannot be initiated at the discretion of the Minister. It is a special feature of the Faroese licensing regime that Parliament has to approve the area on offer as

role in Faroese society. The interest in music might be greater here than anywhere else in the world – this may be a result of the times we live in or the nature surrounding us, or it may be the inspiration [...] offered the Faroese music industry to be inspired and to establish contacts with people in the industry through workshops and meetings. A similar project for the US market is in the pipeline. FIE is looking [...] our most successful contemporary musicians. Whatever the reason, the inclination to make music here grows day by day. The music scene in the Faroes is very diverse, offering everything from metal bands to

lism? Far from it! Wealth is visible in the amount of new houses being built, in the size and the age of cars cruising the highway-like road network, and is expressed in the general upbeat and enterprising [...] ure, which is being developed in the North and West of Shetland, is located to the prospective oil province on the other site of the border between the UK and Faroe. Former Sullom Voe Oil Terminal manager [...] 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 in the Middle East. The Shetland and the Faroese

2006, some of the oil revenues had reached 200 million kroner. In the overview, it is stressed that these are not all the oil revenues, but just some and the period is to end of 2006. The actual income [...] specially at the Inland Revenue so it is impossible to see and record them. Neither is there direct or indirect incomes from the Sindri fund, which is a fund established by oil companies in the year 2000 [...] therefore it is difficult to evaluate how large a part of the money flows through the Faroe economy. -“Sindri is of a special nature, which possibly can be compared to the work done by the oil companies in connection

of the large fish factories in Tvøroyri, has burnt down today. This morning a fire erupted in the storage and quickle developed into a blaze. Due to the large amounts of ammonia in the factory, the citizen [...] afternoon the coast guard joined the efforts to extinguish the fire and later firetrucks from Tórshavn and the airport joined in. The fire is under control and as good as extinguished now, but the building [...] leaked out in the air. Therefore they do not know how large the pollution is yet. They do not deem it advisable for the citizen to return to Tvøroyri yet. One fireman has reportedly been sent to the hospital

If so, did you notice that the music sounded »duller« than it would if you had been in the same room as where it was being played? In fact, the reason the music sounded dull is not just because your tastes [...] this in turn means that the airguns have to be both deeper in the water, and four or five times the normal size used for exploration. As a result, the equipment required for this type of survey is far from [...] a profound impact for oil exploration in areas such as the Faroes. This is because modern exploration is heavily reliant on seismic information, which in turn is obtained by measuring echoes from artificial

reflect the size of our petroleum industry (it is still very small) so much as the fact that Newfoundland has a much smaller economy than Norway. In population terms it is one tenth of the size, and in GDP [...] contribution even to the local culture and the tourism industry. Indeed, while it is critical to minimize any negative effects, it is in my opinion just as important to make the most of the opportunity that [...] context, it is interesting to contrast developments in Newfoundland and Shetland. Much has been achieved in the latter, including the way in which an innovative legislative initiative has resulted in significant

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 and its real [...] takes place. Also in this case it is only the part of 500,000 DKK or less that is reduced. The taxable income assessed like this is taxed in accordance with the ordinary tax rates. The same applies to limited [...] derived from shipping, reference is made to the rules applying to the Faroese International Register of Ships (FAS) that came into force in the beginning of the 90?ies and the rules of taxation on crew?s wages

solution to exploring the geologically challenging part of the Faroe Shelf. In other words the main challenge is a gradual transfer of activity from the existing licenses in the southeast to the shallower and [...] licenses the blocks northwards of the area on offer in the first round still appears to be attractive to the industry. The Hatton-Rockall area In the longer term some deep water areas to the southwest [...] material and it is of paramount importance for Faroese authorities that the potential beneath the basalt is vigorously pursued. The Faroe Bank Channel When the area on offer in the first licensing round was

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 reaching the commitment [...] year Dooish (12/2-1) is located 125 km northwest of Donegal in the Rockall Basin, in 1478m of water. This is the second deepest water depth in which a well has ever been drilled in Irish waters. It sits [...] be a sealing mechanism to contain the hoped for prize? The Marjun success represents a one in three hit rate for the Faroes. This is good for the European sector of the Atlantic Frontier, especially when