Jarðfeingi (the Faroese Geological Survey) is pleased to announce the launch today, 11th July 2019, of the 5th Licensing Round, which will be run in conjunction with the 32nd UK Licensing Round. Both rounds will be open for 120 days. We would like to extend a welcome to oil companies to avail themselves of this opportunity to apply for an exploration license in Faroese waters.
In preparations for the 5th licensing round Jarðfeingi, together with the Ministry of Foreign Affairs and Trade, secured Parliamentary approval for adjustments in the terms and conditions of licenses and licensing procedures to align them more closely to those which obtain in the UK. Companies can now look at the area in the knowledge that the licensing regimes are similar on both sides of the border. This may be considered of particular relevance in relation to investment decisions in those areas where the geology is also similar on both sides with the possibility of prospects crossing the border.
See the invitation letter from the Minister of Foreign Affairs and Trades on the right >
Jarðfeingi shall receive applications for Licenses for Exploration and Production of Hydrocarbons by
12 November 2019 at 12 noon.
For the handling of each individual application, an application fee of DKK 20.000 is due upon submission.
The fee shall be paid, free of charge, to:
A copy of the receipt shall be attached to the application