The Faroe-Shetland Consortium initiated its first phase after a collaborative work between Jarðfeingi and British Geological Survey (BGS) resulting in the book Geology of the Faroe-Shetland Basin and adjacent areas, it was published in 2011. The book comprises all accessible literature from the area and gives good introduction to the region. After this first successful collaboration the Faroe-Shetland Consortium was established, and at the moment the consortium is working on phase three.
Each phase is comprised by a number of projects, and by the end of each phase, the projects are handed to the sponsors of that particular phase. At the moment three projects are running, and the third phase will run until the summer of 2018.