of companies with remaining gas reserves in the UK Southern Gas Basin. Highland Energy is another recent player which entered the UK market in May 2000 through its acquisition of Wintershall?s UK portfolio [...] from operational efficiencies. Marubeni, one of Japan?s leading general trading houses, is another recent entrant to the market by acquiring a package of non-operated assets from Veba Oil and Gas. Bruce [...] blockages in the current contract system and allow new ways of combining to extract value. Of course, the recent volatility in the oil and gas sector and particularly the fluctuating oil price following the events

been assessed and collected in accordance with rules that are applicable to all Faroese citizens. In recent years an increasing number of special rules concerning income taxation have been enacted in the Faroe [...] respectively. IV Tax Planning This brief presentation of the changes in the Faroese income taxation in recent years should make it clear, that they have affected the situation of both wage earners and enterprises

- and that the estimated life of the plant has been extended to 2020. There has been considerable recent speculation among industry analysts that oil companies developing new Atlantic Frontier fields will

have a major effect on the Faroese economy and society. In this context, it was interesting, at the recent NORA conference in Torshavn, to compare the effects on Norway and Newfoundland. In Norway, the c