have an agenda based on their national interests to pursue in their engagement with the Faroe Islands. They want visitors to return to their countries favourably disposed towards Britain. There is nothing [...] nothing dishonourable about this. It is a normal tool of diplomacy. But it does put the onus on the Faroese to decide what they want out of the relationship and to pursue this with equal determination. There [...] mutual interest. This means it is time for some strategic thinking about relations with the Faroe Islands closest neighbour to the South. A new relationship with Britain offers an opportunity to lessen dependence

thing about the UF-Faroe boundary deal is that it appears reasonably equitable. Oil folk are happy. Fisherfolk are appeased. Much of the boundary is equidistant. There is only one sector where Britain appears [...] issue concerning drawing the line between peacable North Atlantic neighbours can take this long, what hope is there for reaching dials where the politics are far more complex and where open conflict may exist [...] course referring to the Yugoslavia mess and, nearer to home, Northern Ireland. On the other hand, what was an urgent matter for the Faroese, was clearly not so for the UK with its much larger and more diverse

Faroe Islands becoming an oil and gas producing province in their own right can ever be realised, if that ever happens. However, it is far too early to know what the real potential is, though figures like [...] the Agip and Foroya Kolvetni (FK) partnership. This is a particularly important time for FK in that, though it is largely owned by Faroese, the company is expected to float on the London Stock Exchange early [...] quarter.? Stewart is also finance director of Aberdeen-headquartered Dana Petroleum, which holds an option over 20% of FK?s shares and as a strategic partner Had FK been floated on the LSE as an oil junior ahead

flourish and the North-east economy is buoyant. There is not expectation of huge fields like Brent and Forties being discovered but advances means that more and more oil is being extracted from those reservoirs [...] uneconomic are now almost routine. The North Sea is a mature province but the message the industry is struggling to transmit, particularly to the young, is that it has a long and valuable future and offers [...] companies. The drilling has been a long time coming in Faroese waters but momentum is building in what might become an unstoppable force. The signs which marked the arrival of the industry in Aberdeen and

« he said. »There are so many parallels between what happens in the film and what actually occurred on Flotta and the sense of humour that comes across is very Orcadian.« [...] can be seen on clear nights from the Scottish mainland and is generated from waste gases produced as crude oil delivered by seabed pipeline is processed at the terminal. North Sea oil abruptly arrested [...] wanted to give Orkney a gift - and what better than a piano. Today, as the islands prepare to look back on 25 years of living with the oil industry, that Steinway grand piano is still being played. It?s not

n. Section 4 income is taxed by 27% whether the 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 [...] company that is tax liable subject to the Hydrocarbon Tax Act only, pay tax on »derivative income« by 20%. C. Tax Rates. As is apparent from what I have outlined above, the tax liability is of great importance [...] Attorney-at-law I Introduction Income tax 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

while the Terminal is operated by BP Amoco on behalf of 30 oil company partners, ? An annual rent is paid to Shetland by the oil industry for the land on which the oil terminal is situated, ? A Shetland [...] Oil Experience Hans J. Marter Shetland is ready for the Faroese oil industry to take off and is confident that both island groups will benefit hugely once oil is discovered in the Faroese sector. Already [...] the whole region is already benefiting from 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

frontier concessions awarded in the recent 17th licensing round is a prospect known as Fles Nord. This is thought to harbour large gas resources and is therefore of particular interest to Norsk Hydro, which also [...] acreage lies in an area that is considered similar to those oil-producing areas of West Africa and Eastern Canada. That said no commercial discoveries have been made offshore Portugal. Noteworthy is the failure [...] relevant to the Faroes. The message of this review is surely that a great deal of patience will be required before the Faroes energy prize is realised ? if it is every realised. ENDS

licence rounds is an important weapon in the explorer?s armoury. The UK will open its 21st licence round next year but it is unlikely to include any acreage near the Faeroes. The 21st round is likely to be [...] impacts of an oil industry on fishing is now widely perceived as being negligible, as the commercial activity is focused on the shallow shelf areas around the islands while the oil industry is looking for [...] a frontier area is fantastic, and with more drilling the chances of a find will continue to improve.? The next drilling campaign is likely to kick off next summer by Italy?s Agip, and is not likely to be

anyone in the World. With John in place as an ?Ambassador? there is a sense that the Faroese have finally achieved the same status as other nationalities who have an Embassy as a link with their homeland and [...] necessity more technical. These together with the film gave everyone an appreciation of the mechanics of Oil exploration and exactly what progress has been made in Faroese waters. And one can only be impressed [...] country. However, with an official Representative now in place to look after Faroese interests and the development of a confident Faroese community how much better the Faroe Islands is now placed to deal with