opportunity for me to meet Oil Companies that may wish to come to Faroe Island to drill and, of course, also those who work at a short distance from the Faroese/UK border. If Oil Company works on the Atlantic [...] important to be able to offer good conditions when a rig owner sends a rig for repair in a short/long period of time. The Oil Companies want sheltered water, and there is no doubt that Skalafjord is best suited [...] quality to extract, says Eli, who does not think that the oil should be extracted and taken to the Faroes. It does not make sense to transport the oil to the Faroes and then export it directly to (main land)

members. Only companies can become members. The purpose of the association is: “…to gather companies, that work within the oil-industry, to carry out matters of joint interest and to work for the members’ [...] Industry Association (FOIA) works to give Faroese companies oppor­tunities in this new industry in the Faroes. The aim is to increase the Faroese companies’ com­petences, and to develop and improve their [...] Vagar Airport and the Port of Runavik. To many of the companies, Offshore Europe is among the most important events of the year, and a great opportunity for them to showcase their services. Many of them

shared by the companies. In addition, each of the companies has saved money by avoiding having to set up an organisation in Denmark themselves just to drill one or two wells.« Another reason for the savings [...] the other companies in The Faroes Partnership offered some young Faroe islanders short-term employment ? so-called traineeships. »In that way, a number of young Faroese have been able to work for an oil and [...] and the experience we have gained from well to well to optimise the drilling work.« Jan Terje Edvardsen believes that the idea can be successfully transferred to the Faroe Islands. He says, »I believe we

shared by the companies. In addition, each of the companies has saved money by avoiding having to set up an organisation in Denmark themselves just to drill one or two wells.« Another reason for the savings [...] the other companies in The Faroes Partnership offered some young Faroe islanders short-term employment ? so-called traineeships. »In that way, a number of young Faroese have been able to work for an oil and [...] and the experience we have gained from well to well to optimise the drilling work.« Jan Terje Edvardsen believes that the idea can be successfully transferred to the Faroe Islands. He says, »I believe we

a huge demand for qualified staff. Easy-to-use A traceability system makes work more efficient and gives the oil companies an opportunity to save large amounts of money, but for it to work properly everything [...] and where all companies encompass several countries, it may not possible to say a company is Faroese - we will do this anyway. We permit ourselves to call the company, Keel Solution, for a Faroese company [...] Human Resources division to plan work and fully utilise in-house capability, instead of buying expensive consultants from the outside. All this is important for the oil companies in the future, as there

time schedule when these undertakings have to be concluded. The objective is always to ensure that the companies have enough time to complete the work that has to be done. A suitable time frame is negotiated [...] a fee the license holders have to pay for the licensed area, increases as the years pass. This is also an incentive for the companies not to drag their feet with this work. It is also very important that [...] some fear, regarding how these multinational companies, which now were to invade our country, would conduct themselves. As time has passed, and the companies to a greater or lesser degree have been active

oil companies to work here: -“The oil industry has for a long time been requesting clear-cut rules on tax issues. Therefore I estimate this agreement can only be an advantage for British companies and [...] situation the international oil companies have been facing, if they intended to operate in the Faroes. The taxation system has been quite unclear and for many oil companies based in London, this unclear [...] of oil companies electing to allocate activities abroad, which could have been performed here, directly due to the unclear tax situation”, says the minister, and he adds: -“Foreign oil companies have made

nature, which possibly can be compared to the work done by the oil companies in connection with the Faroe area. Expenditure of that work is not calculated as an income for the Faroe society. It is all a question [...] exploration efforts begun seven years ago It pays to explore for oil. This is absolutely clear if you look at the income made by the Faroe society, linked to oil exploration in one way or another. Or more [...] however, did not stop there, but did fall somewhat if you study the tax incomes for individuals and companies. According to the Jarðfeingi overview, incomes from tax and exploration licenses (acreage payments)

is sure to lead 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 [...] Petroleum, Atlantic Airways and others. This has seen initial work in Faroese waters, but already such companies are beginning to look for opportunities in the UK sector and beyond. This is certainly the [...] the pattern we have seen in Newfoundland; local companies which entered the industry to meet local requirements are now undertaking work for oil industry clients in such places as the Gulf of Mexico,

– We must not afraid to impose demands upon the oil companies, which are active and intend to work in Faroe waters, says Mr Rasmussen. Supply Service Leirvik, which operated supply vessels from the Norwegian [...] case we ought to impose very stringent demands regarding what equipment is permitted into Faroe waters to operate. – We ought to do as the Norwegian do and set demands towards the oil companies so they are [...] afraid to set demands towards the oil companies, says Mr Rasmussen. He says that in the Faroes we have strived to meet international demands. In Norway however, they impose their own demands for vessels