and basalt covered parts of the Faroe Platform itself. Results from the first 2 years of exploration Two years have passed since the first Faroese licenses were awarded and a major part of the commitments [...] the way it was predicted. Clearly, the promising seismic signatures proved to be related to other geological factors than hydrocarbon accumulations, and it was only after drilling deeper into the geological [...] future of Faroese petroleum exploration is not to get into ever-deeper waters, but rather to find a solution to exploring the geologically challenging part of the Faroe Shelf. In other words the main challenge

Faroese International Register of Ships (FAS) that came into force in the beginning of the 90?ies and the rules of taxation on crew?s wages that came into force in the second half of the 90?ies. As regards [...] entitled to get refunded a part of the wages, presently 28%, paid to crew performing services: 1. on board a vessel registered under the Faroese International Register of Ships (FAS) or 2. on board a vessel of [...] purpose of commercial transportation of persons and/or goods or 2. on board oil rigs within Faroese waters. In order to be covered by FAS it is also necessary that the ship owner in question is a resident

camps and had to be bussed in every day. It was quite a cosmopolitan mixture here, there were people from Wales, Ireland, and also many locals worked here. It was a great opportunity for them.? First oil [...] consortium of oil companies build the facility costing almost £1.2 billion (in 70?s money), the oil industry became obliged to pay an annual rent into council coffers. All this has changed the way of life in Shetland [...] with the major industrial development taking place in one of the UK?s remotest and rural communities, it is worth noting that when oil was first found in the northern North Sea, some 30 years ago, many S

this way: »It’s a cosmic experience. The Faroe Islands is a country which is – and is not. It is in constant flux. It keeps disappearing: One moment it’s lost in the fog, and suddenly – there it is again [...] But there is more to it than first meets the eye. This misty fairy land hidden out here in the North Atlantic holds many amazing surprises. If you travel just a bit deeper into it you will find narrow [...] quicker and less expensive and what’s more, it will define the very nature of projects – you can’t afford to miss out on it. But technology alone won’t do the job. It’s people that shape technology and business

decline - and began a remarkable transformation of the islands' economy - when it first arrived in December 1976. Today it is difficult to envisage the excitement of residents - particularly those living [...] done better,«said Councillor Halcro-Johnston. »But I think the deal was fair. It was within what the industry could afford and it has brought huge benefits to Orkney.« Until the terminal opened, the population [...] e way we have developed Orkney's many archaeological treasures as major tourist attractions. »It means it's difficult now for many here to remember the depression years of depopulation, the feeling that

has been above 1.2 billion DKK in the last months The Company is still strongly rooted in the Faroe Islands. This has been an overarching principle in the Company’s strategy and it has been shown to be [...] Because the Company will now have its own cash flow it is possible to increase the exploration activities, and offset the exploration cost against the income. It is also possible to take larger steps now in terms [...] phase from 2001 to the end of last year. At this point in time the Company is prepared and ready to go into the third phase of its development. Phase One The idea behind the establish­ment of Atlantic Petroleum

g reports about the Dooish discovery. Is it potentially commercial or is it not? That is the question being asked in the wake of conflicting reports. The 12/2-1z Rockall Basin well drilled last year appeared [...] deepwater Nigeria, it is hardly surprising that the North-west European effort is so low key. And, as rigs gradually but inexorably migrate out of the North Sea, the more difficult it is likely to become [...] is mounting concern both in the UK and Norway with regard to this. That so little data has made it into the public domain does not help. If Australian Stock Exchange (ASX) disclosure rules applied in the

in the UK sector. It was Statoil that drilled the first well and, while it is regarded as a dry hole, traces of hydrocarbons were found. Likewise, BP?s well was declared dry, albeit it too produced evidence [...] by Texaco in the mid 1970s. It is understood some 5,000km of seismic data was acquired, but which proved difficult to read, in part because of the limited capabilities of the 2-D seismic equipment used and [...] of a potentially viable petroleum system beneath at least part of the basalt rock layer that has made assessing the Faroese sector so difficult It is common for traces of hydrocarbons to be found when drilling

føroyingar! It is a great pleasure and honor for me to be with you all here this evening to celebrate Faroese Flag Day. Thank you, Lord Provost, for your warm words of welcome to Edinburgh. It only adds [...] translation, it says: “Where the flags fly, let my flag fly equally amongst them”. And that is what the whole story and the long struggle for our own flag has been all about: To become an equal part of the world [...] World War. It embodies our close historical and geo-political ties with Britain. Merkið, as our flag is known in Faroese, was first designed and hoisted as a national banner in 1919. But it was on the

scheduled to close on 2 December. It has been reported that 20 companies have noted interests in bidding, with shallow water block 14 likely to receive the most attention, as it is close to Spanish territory [...] for the Faroese effort, whether or not it is successful. Naturally, there is no telling how lucky Agip, in partnership with Foroya Kolvetni, will be next year when it spuds the Marimas prospect (licence 002) [...] made, initial optimism can quickly give way to pessimism. It has to be hoped this is not the fate of the Dooish well drilled by Enterprise (now part of Shell) in the Irish portion of the Rockall Basin this