atmosphere of the islands. The first gas was discovered in the North Sea by BP in their West Sole Field in 1965 and two years later Amoco found the first oil in the Arbroath field. It was 10 years before the first [...] choose to make their homes in the Faroe Islands and push up the prices in the same way as happened in Aberdeen forcing them beyond the reach of most of those not involved in the industry which, although [...] July 6, 1988, 167 men died in the accident most in the North Sea industry said could never happen. Red Adair was not amongst them. The famous Texan fire fighter had warned in the 1970s that whatever precautions

taste a flavour of the mood in the islands, look no further than the film Local Hero, a huge hit in Britain when it opened in cinemas across the country in 1983. One scene in particular struck a chord with [...] fallen steadily from 30,000 in 1901 to just 17,000 in 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 [...] One thing is for certain, though. The locals of Flotta did not get rich in the way they - and their film counterparts - had hoped. In Local Hero, villagers relish swapping their homes for oil dollars and

and ferry and 12 minutes by helicopter. Early in the year 2003 you can travel from the airport to Tórshavn via the new tunnel between Vágoy and Streymoy in about 40 minutes. The airport is managed by the [...] 21.1% for the period. Overall a large proportion of increase in operations and passenger from the offshore oil and gas exploration activity in Faroese territory. This is expected to terminate for 2001 over [...] Vagar Airport, the airport in the Faroes, is located on the island of Vágoy. Regular bus and ferry connections are linked to scheduled arrival and departure flights. The trip to Tórshavn takes 1 hour and

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 Islands [...] 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 Islands [...] be deducted in Section 4 income. Tax has to be paid in three equal installments on 1 October, 1 November, and 1 December of the following year. B »Derivative Income« This type of income is in short, all

formed in 2000, did its first deal in June of that year buying TotalFinaElf?s 49% interest in the Caister gas field from operator Conoco. A second deal between the same two companies was completed in December [...] very definitely so in this case. Abbot?s move into Iran, like their activities in Libya, which attracted negative comment particularly in Washington now looks less controversial in the light of attempts [...] formed E&P company which is concentrating on buying producing assets in the southern gas basin. In January 2001, Roots acquired a 50% stake in the Audrey gas field from Centrica for an undisclosed sum. The company

have been drilled in the Faroese sector, and none was successful. Also, it has been made clear by the Faroese authorities that it was their intention to land Faroese oil in Faroe in an attempt to gain [...] of by-passing both island groups. Only in October, Sullom Voe Oil Terminal received a major boost, when BP announced in Aberdeen that the company and its partners in the massive Clair oil field ? 75 kilometres [...] inhabitants, mainly in leisure and welfare purposes. Benefits for the community 30 years after first oil was discovered in the Northern North Sea, Shetland is the envy of every local authority in Scotland and

months. If we see hydrocarbon production on the Faroe Shelf in the future, the local industry will also face a new challenge with a marked increase in activity. According to the Faroese hydrocarbon act, all [...] were on the agenda. In addition the Ministry of Petroleum will meet with the oil companies and representatives from the Faroese industry to discuss the issue of local participation in connection with the [...] , and I am honoured to be invited back this year. Last year we were on the brink of a new industry in the Faroese context. Today we have three exploration wells behind us and a lot of experience which

handlarnir í Handilsmiðdeplinum hava opið til kl. 17.00: Elding, Tera, Hógv, Ur- og Brillustovan, Shop In, Orkis, Com Data, Skósølan, Teymavirkið, AWJ-Foto, Sadolin Litaval, Miðberg, Búnýti, Profa Farvur,

lagið í Århus Vestergade 48D 8000 Århus C Tel. 86 18 06 04 Teldupostur: aaarstova@hotmail.com Café?in er opin mánadag til hósdag kl. 16-18 og leygarkvøldscafé kl. 22-03. Reglulig tiltøk: Sunnudagsskúli

Og hasin Elvis tú er fínur ? reinur Gonzo journalistikkur (sí Hunter S. Thomson og Fear and Loathing in Las Vegas: A savage Journey to the Heart of the American Dream og filmin hjá Terry Gilliam). Tom Wolfe