Faroe Islands government issues oil, gas license tracts

Click here to enlarge imageThe Faroe Islands government awarded its first oil and gas licenses in mid-August, adding a spark to exploration operations on the Atlantic margin.The blocks lie on the Faroe shelf north and west of Clair, Schiehallion/Loyal, Foinaven, and other discoveries in the west of Shetland Islands play (see map, OGJ, June 7, 1999, p. 32). West of Shetlands oil production is at 250,000-300,000 b/d from Foinaven and Schiehallion/Loyal fields.The Faroes Ministry of Petroleum issued 7 licenses to 12 oil companies organized into 5 groups. The ministry had received 22 applications from 17 oil companies in 8 groups or individual companies. One application was withdrawn.About ...

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