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 activities - as you probably [...] 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 [...] the activities this summer. Evaluation is good but it all comes to nothing if we fail to follow up on the subjects that have been identified in the process ? at the Ministry of Petroleum we attach great

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 [...] Islands Council company, namely Shetland Towage, provides all tug services in the harbour of Sullom Voe, ? A tough environmental regime had been put in place at the terminal, which made Sullom Voe not only

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 [...] 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 [...] 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 other

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

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 [...] heliport, the busiest in Europe, which Aberdeen now boasts. Aberdeen has changed out of all recognition because of the oil industry and the challenge for the Faroes, if oil is discovered in its waters, will

hydrocarbons in the Faroes area were found on land and comprise coal deposits, organic waxes found in basalt, and inconclusive traces of oil mixed with water in the Lopra-1 experimental well drilled in the early [...] survey lines. World Geoscience conducted aerial surveys in 1995 and 1996. Also, in 1996, the Faroes sector was thrown open to all parties interested in conducting further seismic work, including re-entering [...] (6005/15-1) was drilled this summer in licence area 003, 130km southeast of Faroes to a total depth of 4000m, terminating in Paleocene sediments. Rolf Magne Larsen, who is in charge of the Norwegian company

brukbart resultat av de aller føste brønnene i færøyske farvann. Selv om vi alle hadde håpet på olje. Naturen er imidlertid ikke enkel. Tverrsnittet over Gullhjørnet viser alle de mulige sandsteinslagene [...] et på Færøyene har foregått målbevisst, grundig og balansert over en årrekke. Det er all grunn til å gratulere alle involverte med en vellykket start i form av årets boringer på en oljevirksomhet som [...] for reservoarer for petroleum, og utgjør store og særdeles spennende leteområder. Seismikkselskapet InSeis har i samarbeid med Sagex startet innsamling av en stor seismisk undersøkelse som tar sikte på

of the 1980s. In 1995, DONG formed The Faroes Partnership together with Amerada Hess. Later on, British Gas and Atlantic Petroleum joined the group, which opened an office in Thorshavn in 1998. Traineeships [...] Phillips and Amerada Hess, all of which are operators on the Danish Continental Shelf. In the period April 2000 to October 2001, DONG's drilling team has drilled eleven exploratory wells in the North Sea for these [...] drilling campaign has resulted in big savings in connection with the various wells. The mobilisation costs connected with the drilling rigs have been shared by the companies. In addition, each of the companies

of the 1980s. In 1995, DONG formed The Faroes Partnership together with Amerada Hess. Later on, British Gas and Atlantic Petroleum joined the group, which opened an office in Thorshavn in 1998. Traineeships [...] Phillips and Amerada Hess, all of which are operators on the Danish Continental Shelf. In the period April 2000 to October 2001, DONG's drilling team has drilled eleven exploratory wells in the North Sea for these [...] drilling campaign has resulted in big savings in connection with the various wells. The mobilisation costs connected with the drilling rigs have been shared by the companies. In addition, each of the companies

hull. West Navion is less dependent on weather conditions, able to operate in all waters, arctic and tropical, and can operate in any water depth where oil and gas are produced. West Navion is operated by [...] several oil companies since delivery in Feburary 2000 and has experience from some of the most sensitive and harsh environment areas in the world. The vessel has worked in a range of water depths from app [...] Smedvig has approximately 30 years of experience from drilling operations in the Noth Sea and surrounding harsh environment areas in the north. The company includes approximately 3000 highly skilled and