Second Faroese Continental Shelf Licensing Closed

Faroe Island Leases Offered
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When the deadline for submitting applications for exploration licenses in the second licensing round on the Faroese continental shelf expired, the Faroese Petroleum Administration had received nine applications from eight companies which are organized in five groups or individual companies.

I am satisfied with the number of applications. It is part of our future exploration strategy to expand exploration activities to the basalt covered areas. This is a technically challenging area, and therefore we are pleased that the companies which have submitted applications today, to a large degree are companies that are already active on both the British and the Faroese part of the Atlantic Margin.

It is my hope that the activities which will take place in connection with this licensing round will provide new information in the work of finding commercial quantities of hydrocarbons in the Faroese subsoil, says Minister of Trade and Industry Bjarni Djurholm.

The second licensing round opened on 17 August this year. The area offered for licensing covers approx. 19,000 square kilometers and is divided into 83 whole blocks and 39 part blocks. The main area lies to the east and south east of the Faroes, while two smaller areas lie to the southwest.

The following oil companies have submitted license applications:

  • Atlantic Petroleum
  • ChevronTexaco
  • DONG
  • Faroe Petroleum
  • Geysir Petroleum
  • OMV
  • Shell
  • Statoil

  • ChevronTexaco, Geysir Petroleum and OMV do not hold licenses on the Faroese Continental Shelf from the first licensing round.

    The Petroleum Administration will in the following days process the submitted applications, before the applicants are called in to meetings with the Administration, and licenses in the second licensing round are awarded. Licenses will be awarded as soon as possible.
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