On 17 May this year, the 4th Licensing Round of the Faroe Islands was officially opened at a public meeting in Tórshavn by the Minister for Foreign Affairs and Trade, the Honourable Poul Michelsen. Oil Companies are therefore now able to apply for offshore Exploration Licenses for the blocks on offer. The closing day for the round is 17 February 2018.
The history of hydrocarbon exploration in Faroese waters dates back to the Millennium when the 1st Licensing Round was launched. To date, nine wells have been drilled and hydrocarbons have been discovered albeit not in commercial quantities. However, nine wells are only a very small number in relation to such an extensive zone as the Faroese continental shelf. And looking at international comparisons it must be borne in mind that a far greater number of wells had to be sunk in neighbouring zones before commercial strikes were made.
Jarðfeingi (the Faroese Geological Survey) remains convinced that the Faroese continental shelf contains some very promising prospects for commercial discoveries. This confidence was bolstered by the research carried out as part of the preparations for the 4th Licensing Round. Jarðfeingi geologists revisited the extensive data generated by previous exploration efforts and re-interpreted it using the latest techniques. This has provided a better understanding of the geological evolution and the volcanic history of the area and crucially given a new insight into the prospectivity. This research is obviously a matter of interest to those Oil Companies considering participation in the Round.
During the course of the Licensing Round, Jarðfeingi will be hosting a virtual data room and be attending several conferences worldwide. A fully prepared work station is available to interested Oil Companies, and if representatives from the Companies wish to make an on the spot assessment in the Faroe Islands we would be pleased to take them on a field trip and on a tour of the core store. Alternatively, Jarðfeingi would be happy to arrange to travel and brief interested parties in their
own offices.
For further information, please do not hesitate to contact us at Jarðfeingi (jardfeingi@jardfeingi.fo).
