Western Geophysical Corp., London, has won two seismic survey permits covering all the prospective offshore area around Denmark's Faroe Islands.
The award follows oil discoveries west of the Shetland Islands, which are separated from the Faroes by a deep channel but are thought to be geologically similar (OGJ, Feb. 14, Newsletter).
Western's permits cover a total 190,000 sq km of the designated shelf area inside the island's 200 mile territorial boundary.
Work commitments include acquisition of at least 12,000 line km of 2D seismic data, magnetic and gravimetric data, and a vertical seismic profile of the onshore 1 Lopra well drilled in the early 1980s.
At least 7,000 line km will be acquired this year, along with the Lopra well profile. Program completion is scheduled for 1995. Western intends to use the RV Seastar survey vessel to perform the work.
The Faroese government expects to open an exploration licensing round but has not decided on a date.
Western is to pay the Faroese government a share of gross revenues from sales of data acquired under the two licenses. The company said a number of oil companies expressed interest. Norway's Den norske stats oljeselskap AS is thought to be particularly anxious to obtain data.
Statoil recently met with Faroese Premier Marita Petersen to present a geological assessment of the islands' Western Slope area. Statoil said expertise from the Norwegian continental shelf could be relevant for the Faroes.
