n success has eluded the explorers in the southeast corner of the island?s offshore waters, it is likely that attention will turn to the northeast. The west of Shetlands region is vying for petroleum [...] 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 [...] recent research carried out by the group, ?indicates that the UKCS is at a critical point in terms of its international competitiveness because of the maturity of the basin.? The report also noted that

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 set against UK west [...] beyond that, there is the West Africa bonanza, which for now seems unstoppable. On the opposite side of the Atlantic to the North Sea, the story of oil has also been slow to unfold, though the potential of Eastern [...] 400billion cu.m. The figures are based on data gathered during the 1991 mapping and drilling programmes and are probably the most relevant to the Faroes. The message of this review is surely that a great

sabbat. "There are witches in the hills calling my name. Saying come join us sister, come kiss the flame. Come dance in the moonbeams, ride the night wind, make love to the darkness and laugh at man?s sins" [...] brotið er hetta: "Baby hit the back door breathin' real heavy said the boys in the alley wouldn't leave her alone. Mama did her make-up in a terrible hurry she finally got ready but the boys were gone. Mama [...] eitur "Ring on the sill". Eg vil meta, at hetta er ein tann besti kærleikssangurin nakrantíð. "He lifts his glass from the table It leaves a ring where it stood. He sees the light from the window. Caress

difficulties were to be expected when you combine the traditional working methods of the oil industry with the stipulations of the hydrocarbon law and the expectations of the local business community. Let [...] challenge for the authorities, the oil companies and the local industry. The large quantities of data which has been collected from the drillings this summer will be subjected to intense studies over the coming [...] 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 parties involved,

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

wages. 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 [...] 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 head office has to be located in the Faroe Islands. Lastly, the crew in [...] 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 tax

glow for the past 25 years - a sight as familiar to residents as the stars that fill the clear skies above the islands. Islanders treasure the winter spectacle of the aurora borealis. But the source of [...] 1971. »One of the most important benefits of the oil era, and one often overlooked, is the way it restored confidence in the people of Orkney,« he said. »Until the 1970s, people across the islands were [...] Orkney long after the day when the oil terminal finally closes. But the down turn in world trade since the terrorist attacks on September 11 could delay the creation of the terminal - so oil remains of

because of the oil industry and the challenge for the Faroes, if oil is discovered in its waters, will be to capitalise on the opportunity yet retain the unique charm of the islands. Aberdeen and the North-east [...] dependent on the daily fluctuation of the oil price and the Faroes Islands must carefully balance the huge opportunity which the industry can bring with the retention of the islanders? core values and the very [...] activities. The industry continued to thrive through the 1990s although the two most common words were ?cost reduction.? The CRINE (Cost Reduction in the New Era) initiative was launched in 1993 with the aim of

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 [...] 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 sound sources generated at the surface. [...] 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 standard

achieved in the first |Faroes campaign is smack on the global average. The trick now is to multiply that success several times over during the next two to three years, convert the discoveries into commercial [...] es of the 2-D seismic equipment used and due to the basalt layer that is characteristic of the Faroes Shelf. An offshore borehole was, however, drilled under the Ocean Drilling Programme in the mid-1970s [...] Then followed the long grind to get legislation finalised and onto the statute book, the decades-long boundary dispute with the UK settled, and the first licensing round launched. The last mentioned and