Shetlends?s Oil Experience Hans J. Marter Shetland is ready for the Faroese oil industry to take off and is confident that both island groups will benefit hugely once oil is discovered in the Faroese sector [...] comparatively strong negotiating position with the oil industry. After all, the oil multies wanted something from the island community ? namely a landfall for oil from the huge fields in the East Shetland Basin [...] payments to the SIC in the light of declining North Sea oil expectations. However, due to improve oil recovery techniques and the development of oil fields to the West of Shetland, the presence of the terminal
North-east of Scotland have reaped huge benefits from the oil and gas industry but there have been downsides. House prices have escalated, as have retail prices. Unemployment is the lowest in Scotland but the high [...] industries. Aberdeen learned a harsh lesson in the eighties when the oil price slumped and the industry went into recession. House prices fell so dramatically some people simply handed their keys into their [...] available hotel rooms are filled by oil personnel. Will significant numbers of oil industry workers choose to make their homes in the Faroe Islands and push up the prices in the same way as happened in Aberdeen
markinum, Foinaven og Schiehallion, sum BP eigur. Tað er norska netsíðan E24 umframt Dagens Næringsliv og onnur norsk bløð, sum rør framundir, at norska fyritøkan kann gerast eitt av teimum feløgunum [...] meira virkin partur av verandi framleiðslum nær markinum. Hetta ætlaði Sosialurin at spyrja Statoilleiðsluna um. Tað er annars eisini hugsandi, at áhugin fyri at gera íløgur í leiting á Atlantsmótinum
of Biscay). But Elf ditched it because of poor reservoir quality, unacceptable oil prices and high cost of extracting oil from such a remote location. But hope springs eternal and the Portuguese sector [...] Industry gave high-end reserves estimates of 730million tonnes of oil and 655billion cu.m of gas, plus a further 520million tonnes of oil for ?west of Scotland (includes Rockall Trough). By 1991, the high-end [...] JEREMY CRESSWELL One word sums up the hunt for oil and gas on the Eastern Atlantic Frontier ? from Portugal to Lofoten off Norway ? slow. There are few commercial discoveries to show for the enormous effort
is the situation the international oil companies have been facing, if they intended to operate in the Faroes. The taxation system has been quite unclear and for many oil companies based in London, this unclear [...] pleased with this new agreement, which he hopes will increase the interest of foreign oil companies to work here: -“The oil industry has for a long time been requesting clear-cut rules on tax issues. Therefore [...] says Mr Laksafoss. He is aware of oil companies refraining from working in the Faroes, e.g. activities which could be done here being done abroad instead: -“If the oil revenues, which the Faroes have received
guarantee the islands a place among the world?s oil and gas nations. Quite how this will be achieved is a question that will occupy many minds this winter as oil company geologists and others closely analyse [...] Stakeholders in the Longan well are operator Statoil (35%); Phillips Petroleum (30%), Enterprise Oil (20%) and Veba Oil & Gas (15%). The rig used was the big semi-submersible Sovereign Explorer. Next off the starting [...] 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 payzone of 170 metres. However, the
people. This is a major challenge, but of course has its benefits in relation to the high oil price, something most oil companies are happy about. This is the main reason for the high level of offshore activity [...] the Norwegian continental shelf, and since 2001 we have been working with most of the big, leading oil companies. Our strong expertise within exploration – seismic and geology is valued, says Helge Hammer
During that time, Bog Oil could have lost interest in the UK portion of the Atlantic Frontier altogether. As it is, that interest is waning against a background of low oil prices, higt exploration and [...] as the industry had hoped. At last the door is open to the first Faroese oil and gas licensing round to be launched and for oil companies to test the hunch that reserves of crude and gas are trapped beneath [...] frustrating. The good thing about the UF-Faroe boundary deal is that it appears reasonably equitable. Oil folk are happy. Fisherfolk are appeased. Much of the boundary is equidistant. There is only one sector
among the oil and gas industry. He said the company and its partners were confident that the project would go ahead, despite the present gloom in the industry fuelled by relatively low oil prices. "This is [...] Og fyri Føroyar kann hetta fáa alstóran týdning, um so er at gass verður funnið her eisini. FRENCH oil company Total are upbeat about their £2 billion Laggan/Tormore gas development west of Shetland and [...] Frigg pipeline system leading into St Fergus. Total expect initially to produce 100,000 barrels of oil equivalent per day, using up all the capacity of the two 18 inch pipelines for the first four years
somewhat afraid of imposing demands upon the oil companies in case they scare them off: – I think there is no reason for such an attitude, because as long as the oil price is where it currently is, the Faroes [...] He thinks that as long as we are exploring for oil, we can defend such a demand, but the question how do we follow up and control such a demand if an oil industry emerges. – I am not saying that such a [...] – We must not afraid to impose demands upon the oil companies, which are active and intend to work in Faroe waters, says Mr Rasmussen. Supply Service Leirvik, which operated supply vessels from the Norwegian
