returned to the province by buying half of Shell?s 4.357% interest in the Elgin/Franklin fields. The number of niche players are likely to increase as the UK Government attempts to encourage oil companies [...] companies not to ?sit on? undeveloped fields but to release them to other players who will want to go ahead with developing them. At Offshore Europe in Aberdeen in September the industry also discussed new types [...] prompted the company to formally announce half-yearly accounts for the first time although it did nothing to dampen speculation that Wood Group will seek to float on the stock market to fund the next phase
in the Faroe Islands and its real head office has to be located in the Faroe Islands. Lastly, the crew in question has to be subject to tax liability to the Faroe Islands. A.2. Taxation on crew Wages covered [...] is tax liable according to the Hydrocarbon Tax Act; or in addition subject to the ordinary tax legislation. B1 Tax liability subject to both the Hydrocarbon Tax Act and subject to the ordinary tax legislation [...] liability to the Faroe Islands. B2. Tax liability subject to the Hydrocarbon Act only. B2.a. Wage Earners. If the wage earner is tax liable subject to the Hydrocarbon Tax Act only, he has to pay a definitive
reversed by oil.« One of the important reasons for creating the oil reserves was to ensure money was available to help the islands cope with the eventual closure of the oil terminal - now projected to happen [...] had been forced to leave to find work, to come back to the islands. And that reversed the trend which had seen the Orkney population decline over the first 70 years of the 20th century.« To date, more than [...] it is difficult to envisage the excitement of residents - particularly those living on the tiny island of Flotta - when news broke that Orkney was to benefit from a massive oil boom. To taste a flavour
this time to try to avoid any more boom to burst scenarios. Companies have expanded their horizons and diversified so their fortunes are far less dependent on the daily fluctuation of the oil price and [...] industry than ever before as efforts were intensified to try to safeguard the long term future of the industry. The North Sea oil industry continues to flourish and the North-east economy is buoyant. There [...] mainland suffer because all the available hotel rooms are filled by oil personnel. Will significant numbers of oil industry workers choose to make their homes in the Faroe Islands and push up the prices in the
Ziolkowski is continuing to refine his ideas, and Veritas is trying to make an even better low-frequency source using novel airgun designs. If everything proceeds according to plan, the new source will [...] 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 discouraged oil companies from exploring [...] loud music from noisy neighbours, you might like to think of BLAST, and how understanding why the music sounds the way it does is helping discover new oil fields. It is just another form of rock music!
company is expected to float on the London Stock Exchange early next year in a bid to raise £10-20million to finance its participation in the great, slow-pace Faroese oil race. ?We?re ready to go ? waiting for [...] Commission in 1993, provides a clue as to how events were being watched at the time. Referring to the decision by Copenhagen in 1992 to cede mineral resources rights to the Faroese Home Rule government, Olafsson [...] . the decision by Denmark to surrender all rights to ?minerals in the subsoil? to Faroese control, and therefore the right to determine the course of the possible future oil and gas extraction industry
Terje Edvardsen. »We want as much of the activities as possible to benefit Faroese society, partly because it is natural to exchange know-how, but also because it is, after all, the Faroe islanders' resources [...] money by avoiding having to set up an organisation in Denmark themselves just to drill one or two wells.« Another reason for the savings is that the drilling team has been able to optimise the drilling work [...] subsoil in a specific area, so we have been able to use our existing knowledge of the Danish sector and the experience we have gained from well to well to optimise the drilling work.« Jan Terje Edvardsen
Terje Edvardsen. »We want as much of the activities as possible to benefit Faroese society, partly because it is natural to exchange know-how, but also because it is, after all, the Faroe islanders' resources [...] money by avoiding having to set up an organisation in Denmark themselves just to drill one or two wells.« Another reason for the savings is that the drilling team has been able to optimise the drilling work [...] subsoil in a specific area, so we have been able to use our existing knowledge of the Danish sector and the experience we have gained from well to well to optimise the drilling work.« Jan Terje Edvardsen
to further interest in Faroese waters, and to exploration to discover other fields. Given the confirmation of a commercial field, engineering and other studies will be needed to establish appropriate [...] contribution even to the local culture and the tourism industry. Indeed, while it is critical to minimize any negative effects, it is in my opinion just as important to make the most of the opportunity [...] Mark Schrimpton It was a great pleasure to be back in the Faroe Islands recently, and it was very good news to hear, soon after I returned to Newfoundland, of the positive results from the Amerada-Hess
on-shore-territory. It seems to have been less obvious to the Faroese decision makers, and certainly this does not seem to have been given very much specific thought, that there will be other ? more incidental [...] very experienced in advising the oil and gas industry, has decided to open an office in the capital of the Faroe Islands, Tórshavn, that will offer legal services to the oil-industry and the connected se [...] relation to Faroese legal issues and in relation to the more specific and/or special oil and gas law issues. Mr. Jóhannus Egholm Hansen and Ms. Penelope Warne both confirm that it is a declared aim to reach
