Faroe Islands to work on fresh offshore exploration initiatives
The recently closed fourth Faroese licensing round for hydrocarbon exploration attracted one application.
TØRSHAVN, Faroe Islands – The recently closed fourth Faroese licensing round for hydrocarbon exploration attracted one application.
Poul Michelsen, Minister of Foreign Affairs and Trade, said: “Keeping in mind that exploration is at its lowest in many decades, it was expected that the we would not receive many applications.
“We had however set our sight on more interest, especially considering the recent increase in oil and gas activities in adjacent areas. We are optimistic that this increase in oil and gas activities near by the Faroe Islands will lead to more activities on the Faroese continental shelf in the times ahead.”
The government plans to open the offshore area for out of rounds bids in the near future. Petroleum administrationJarðfeingi and the Ministry of Foreign Affairs and Trade will also revise the terms and conditions for hydrocarbon exploration to make it easier to attract exploration companies.