TORSHAVN, Faroe Islands – The Faroese government has opened the islands’ 4th Licensing Round.
Interested oil companies must submit bids for offshore exploration licenses for the blocks on offer by Feb. 17, 2018.
Exploration started in Faroese waters in the early part of this century when the 1st Licensing Round was launched.
To date, nine wells have been drilled and hydrocarbons have been discovered, but not in commercial volumes. However, as the government points out nine wells have barely scratched the offshore potential of the large Faroese continental shelf.
In neighboring offshore zones, a far greater number of wells were drilled before the first commercial discoveries.
Jarðfeingi (the Faroese Geological Survey) maintains that the Faroese continental shelf contains very promising prospects, boosted by research conducted in preparation for the 4th Licensing Round.
Geologists revisited the data generated by previous exploration and re-interpreted it using the latest techniques. The results include improved understanding of the geological evolution and volcanic history of the area and a new insight into the prospectivity.
Jarðfeingi is hosting a virtual data room and will attend various conferences worldwide to promote the 4th round.
It is also offering to take interested parties on a field trip and a tour of its core store, or alternatively to travel to and brief applicants in their own offices.