ng of each other's needs. We therefore started a training programme a couple of years ago.« Under this programme, DONG and the other companies in The Faroes Partnership offered some young Faroe islanders

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 the results [...] conditions. A cautious Elttur said: ?The success of this well is very important for the Faroe Islands as a future oil province, even if we do not at this moment of time know whether the find is commercial [...] seismic survey data and information gleaned from this year?s pioneer wells. However, it has been a long haul to get even to the current position. Until this summer, the only known traces of hydrocarbons in

and this acts as a barrier that prevents sounds from penetrating to the deeper formations that hopefully contain valuable oil fields. As a result, seismic studies have had limited success, and this has [...] second), and this in 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 [...] than high frequencies could have a profound impact for oil exploration in areas such as the Faroes. This is because modern exploration is heavily reliant on seismic information, which in turn is obtained

boom, albeit less dramatic, has arrived, the promises have been kept and great care has been taken this time to try to avoid any more boom to burst scenarios. Companies have expanded their horizons and

major terminal for container ships. A detailed study has shown that this could create up to 2,000 jobs. The council's hope is that this will serve as prosperous business for Orkney long after the day when [...] above the islands. Islanders treasure the winter spectacle of the aurora borealis. But the source of this night time display is man made - and serves as a powerful symbol of the impact oil has had on the [...] choose to land the crude at Flotta using the shuttle tanker system developed for Foinaven. Again, this will be important business for the terminal. Jeremy Baster, Orkney Islands Council's development and

was 143,208. Up to the end of October the total number of operations was 5,033 again for last year. This represents an increase of 21.1% for the period. Overall a large proportion of increase in operations [...] operations and passenger from the offshore oil and gas exploration activity in Faroese territory. This is expected to terminate for 2001 over the end of November. Offshore activities. Passengers total: Scheduled

15% before tax assessment takes 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 [...] 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 separately. Consequently, when taxable income [...] payment is part of everyday life for the Faroese people. Most Faroese taxpayers pay income tax as this is considered an appropriate way of financing the services that a modern society has to offer. Income

UK and continental European gas prices helped a revival of corporate interest in the UK gas market. This wave of new interest in an intensity not seen since the 1970s and early Eighties is transforming the [...] in which Consort acquired the Orca and Beta probable developments. Consort accelerated its growth this calendar year with the acquisition of TXU?s entire UK upstream portfolio for £138 million. The assets [...] appears to have a closer relationship with the current UK government that at any time in the past. This relationship is the envy of many overseas-based companies and has provided comfort that companies

Fact is that the terminal has received a major £50 million overhaul this summer. Talking about the future, Mr Grant said earlier this year: »We have the confidence that we can deliver the services required [...] going on to the West of Shetland and to the East of Faroe, and therefore we regard this as very significant development.« This statement, although not 100% accurate1, highlights the confidence Shetlanders have [...] 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 offshore activity.« »There is more emphasis

that this conference is a good forum for dialog between the parties involved, as they from time to time might seem to have opposite interests. I would like to thank the organisers for providing this opportunity [...] in the process ? at the Ministry of Petroleum we attach great importance to this work. I hope that the lessons learned this last year will lay the foundation for a fruitful cooperation and understanding [...] had the privilege to open the first Offshore Faroes conference, 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