Faroe Islands present Bill covering first round licensing terms before parliament

Dec 03, 1999 01:00 AM

The Faroe Islands have moved closer to becoming a new offshore oil and gas province with the Bill covering first round licensing terms and conditions being placed before parliament. Faroese Ministry of Petroleum officials anticipate considerable debate before likely parliamentary approval early 2000. The round could be launched January or February with a possible April or May closing date for awards July or August.
Areas on offer comprise full and part-blocks which lie in the Faroe-Shetland Channel and stretch from the Faroe-UK median line towards the islands. Water depths range from 500 to 1,000 metres. UK interest in the area could be stimulated if the Faroese round were to be synchronised with the upcoming UK 19th Round which will offer Atlantic Margin blocks.

Source: IINX via Iinoil
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