On February 17th the Fourth Licensing Round for Hydrocarbon Exploration closed and one application has been received.
Mr. Poul Michelsen, Minister of Foreign Affairs and Trade, says: “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 plan is to open the area for out of rounds bids in the near future. Jarðfeingi and the Ministry of Foreign Affairs and Trade are going to revise the terms and conditions for hydrocarbon exploration in order to make it easier for exploration companies to enter the Faroese area.