Faroe Islands launches latest offshore licensing round
TØRSHAVN, Faroe Islands – Jarðfeingi, the Faroese Geological Survey, has opened the 5th Faroese offshore licensing round.
This is being run in conjunction with the 32nd UK licensing round, with acreage also on offer nearby in UK waters west of Shetland.
Both rounds will remain open for 120 days.
Jarðfeingi, working with the Faroese Ministry of Foreign Affairs and Trade, secured parliamentary approval for adjustments in the terms and conditions of licenses and licensing procedures.
These are now aligned more closely to those applicable in the UK. It means that interested companies can look at the area knowing that the licensing regimes are similar on both sides of the border.
This could be important in areas where the geology is similar on both sides, with the possibility of prospects crossing the border.
For the first time, Jarðfeingi will offer interested bidders a data package which is said to include all relevant historical information from the areas on offer under the 5th Round.
Offshore drilling has proven a working hydrocarbon system on the Faroese side of the Faroe-Shetland basin with sub-commercial oil discoveries, shows or found in six of the nine wells drilled since exploration started in the sector.
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