n. Section 4 income is taxed by 27% whether the business is run by a company or by an individual. This type of income is assessed independently (ring fenced), and the income tax is calculated of this income [...] company that is tax liable subject to the Hydrocarbon Tax Act only, pay tax on »derivative income« by 20%. C. Tax Rates. As is apparent from what I have outlined above, the tax liability is of great importance [...] Faroese waters. In 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

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. Already [...] the whole region is already benefiting from increased activity. »The harbour has recently been very, very busy with oil related ships. Our income this year is well up, and much of that is thanks to oil-related [...] to see what Mr Goodlad?s thoughts are, when he comments: »We hope the Clair development will mean continuation of the Sullom Voe Oil Terminal much beyond what we have originally envisaged. It is the first

first say that my general impression is that the activities on the whole have been carried out in a satisfactory manner. However I still think that this conference is a good forum for dialog between the [...] of the last 12 months. It is important that we talk together so we can voice our opinions and experience. One thing that we have learned from our neighbouring countries is the need for evaluating the [...] us and a lot of experience which I am looking forward to hearing more of over the next days. There is another marked change since last year?s conference. We have established that our subsoil holds hydrocarbon

all the maps of blood and flesh Are posted on the door, There´s no one who has told us yet What Boogie Street is for. So kanska var tað eitt hugskot, um profeturin gloymdi dogmatikkina, fór yvir til barrina

vælkenda sangin hjá Louis Armstrong: "... I see friends shaking hands, saying ?How do you do??, what they really say, is ?I love you?...". Ja, Havnin var veruliga "A wonderful World" fríggjakvøldið.

»Politics is nothingelse but solving problems« og um øll hava eina rødd, tá kunnu øll vera nøgd. Sjálvur hevur hann verið aktivur í ungmannapolitikki í Brasil, tá hann búði í San Salvador. »Politics is nothingelse [...] sky is not the limit.« Annars leggur Valentin, eitt sindur burturfrá tí filosofiska prátinum, afturat, at hann ikki er vanur við, at vera staddur á oyggjum mitt úti í havinum. »...even the sky is not the [...] fyrsta instrument, men tá hann var 15 ár, sá hann, fyri fyrstu ferð eitt blues band spæla. »Wow! This´s what I want to do« Hetta var í brasilska býnum San Salvador, á einum staði, ið kallaðist »Atelier«. Hetta

uttan Happy Xmas (War is Over) hjá John Lennon og Y oko Ono og Last Christmas hjá Wham. Men á fløguni eru eisini fleir aðrir góðir gamlir jólasangir, sum til dømis Santa Claus Is Coming to Town, Christmas [...] onnur Now fløgan í røðini komin, sum so einkult eitur Now 2 ella sum onkur kallar hana Now, That´s What I Call Music! 2. Við á hesi fløguni eru teir nýggjastu sangirnir, ið hava plága hittlistarnar seinastu [...] Song, Celine Dion ? I´m Alive, Elvis vs. JXL ? A Little Less Conversation, Atomic Kitten ? The Tide is High og The Calling við Adrienne. Fløgan hevur 20 skeringar og um tú ikki hevur hug at ogna tær eina

frontier concessions awarded in the recent 17th licensing round is a prospect known as Fles Nord. This is thought to harbour large gas resources and is therefore of particular interest to Norsk Hydro, which also [...] relevant to the Faroes. The message of this review is surely that a great deal of patience will be required before the Faroes energy prize is realised ? if it is every realised. ENDS [...] Antaeus well will also provide valuable data for the Faroese effort, whether or not it is successful. Naturally, there is no telling how lucky Agip, in partnership with Foroya Kolvetni, will be next year when

licence rounds is an important weapon in the explorer?s armoury. The UK will open its 21st licence round next year but it is unlikely to include any acreage near the Faeroes. The 21st round is likely to be [...] oil industry on fishing is now widely perceived as being negligible, as the commercial activity is focused on the shallow shelf areas around the islands while the oil industry is looking for its natural [...] a frontier area is fantastic, and with more drilling the chances of a find will continue to improve.? The next drilling campaign is likely to kick off next summer by Italy?s Agip, and is not likely to be

UK as well as those with Faroese connections to a function at the Danish Embassy in London where he is based. A chance for John to meet members of the Faroese community and also for them to get to know [...] together with the film gave everyone an appreciation of the mechanics of Oil exploration and exactly what progress has been made in Faroese waters. And one can only be impressed by the preparations that have [...] provided by Smyril was abruptly terminated. Oil and the related Atlantic Airways service remain but London is the place where political and economic decisions are made in the UK. Hence the vital importance of