British oil find may be promising for Faroe Islands

Dec 12, 2002 01:00 AM

The Faroese Partnership has announced a new oil find that could prove promising for Faroe Islands ambitions to launch an oil industry. Prospects for a future oil industry in Denmark's Faroe Islands are once again on the rise, after a consortium of oil companies led by US-based Amerada Hess discovered a new oil find on the British side of the border between the United Kingdom and the Faroe Islands.
The discovery has not yet been officially announced, but was recently reported by a report which stated that Amerada Hess, Danish-owned DONG, Texaco, and OMW successfully located natural gas and petroleum reserves in an area 25 km from the border between the British Shetland Islands and the Faroe Islands. The oil spring known as Cambo, where the team made their startling discovery, is located about 30 km north of two major oil fields.

Interest among international companies in Faroese oil has been on the wane of late, after Amerada Hess, DONG, and the Faroe Islands-based Atlantic Petroleum announcedthat a test-drill in the area had not produced substantial enough quantities of oil to justify a planned test-production facility.
The oil consortium, which is also known as the Faroese Partnership, found significant amounts of oil last summer in a Faroese area near the continental shelf. The discovery led to rumours that a test-production facility would be in the works for the Faroe Islands, but plans were later shelved due to subsequent, less-promising test digs.

The previous summer, both Statoil and BP undertook test-drills in the Faroese region, all of which came up empty-handed.
The Faroe Islands' oil administration has already granted another four drill permits, with Italian petroleum giant Agip expected to begin test operations in the islands.

Source: The Copenhagen Post
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