Out-Of-Round bids / Open Door Applications
In accordance with section 7(3) of Act No. 31 of 16 March 1998 on Hydrocarbon Activities, its possible to send Out-Of-Round (Open Door) applications for licenses for exploration and production of hydrocarbons in the Faroese area. When an application is received, Jarðfeingi is obligated to announce (for 90 days) the receivement of the application and the area applied for, before processing the application.
The area to be offered for licensing and the terms and conditions on which licenses will be granted are defined by the areas that have been defined in the first, second and third round (see the area at the bottom of this page).
An applicant granted a license will receive all relevant data in the licensed area free of charge.
The applications shall be submitted to:
FO-100 Tórshavn
Faroe Islands
Or by email to: application@jardfeingi.fo
If you wish to upload large files on a FTP server, please contact Barbara B. Hansen at bbh@jf.fo and we will provide a link.
Application fee:
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:
JARÐFEINGI
P/F Føroya Banki
SWIFT FIFBFOTX
acc. no. 6460-2600058
IBAN FO31 6460 0002 6000 58
(ref. FEE 142571-2520-0700-0100)
Address:
Føroya Gjaldstova
P.O. Box 2009
FO-165 Argir
Faroe Islands.
A copy of the receipt shall be attached to the application
MISCELLANEOUS
Where a license is granted to several parties jointly it is subject to the condition that a joint operating agreement is executed not later than 90 days after the license has been granted. The Minister of Foreign Affairs and Trade may require that the agreement be modified on specific points, cf. section 17 of the model license.
Within 30 days from the granting of the license the licensee shall provide performance guarantee for all its obligations and liabilities under the license. The performance guarantee is subject to approval by the Minister of Foreign Affairs and Trade who may require that such guarantee be changed or supplemented, cf. section 25 of the model license. Within 3 months after the granting of the application the licensee shall submit a proposal, to be approved by the Minister of Foreign Affairs and Trade, on how and where his onshore activities will be organised during the exploration period, cf section 16 (2) of the model license.
