Faroese bidders revealed

Eight oil companies have filed applications for the second Faroese licensing round, which closed Nov. 18. The Faroese Petroleum Administration received nine bids from five groups or individual companies.

Nov 18th, 2004

Eight oil companies have filed applications for the second Faroese licensing round, which closed Nov. 18. The Faroese Petroleum Administration received nine bids from five groups or individual companies.

Among the participants, ChevronTexaco, Geysir Petroleum, and OMV were not involved in the first licensing round. The other current applicants are Atlantic Petroleum, DONG, Faroe Petroleum, Shell, and Statoil.

Acreage on offer comprised 83 whole and 39 part-blocks, mostly east and southeast of the islands. Trade and Industry Minister Bjarni Djurholm commented: "It is part of our future exploration strategy to expand exploration activities in the basalt-covered areas. This is a technically challenging area, and therefore, we are pleased that the companies which have submitted applications today to a large degree are already active on the British and Faroese parts of the Atlantic Margin." The administration aims to award new licenses as soon as possible.

11/18/04

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