The Minister of Trade and Industry Bjarni Djurholm says: I am pleased with the number of licenses awarded and the work programs that have been agreed. It is important that we proceed with exploration activities to establish whether our subsoil holds commercial hydrocarbon deposits.
The license terms vary from 3 to 8 years and are divided into shorter sub-phases of 1-5 years with intermediate decision points where it shall be decided whether the Licensee continues to the next Phase of the License Term or whether the License shall be relinquished. A firm work program has been agreed for the first phase.
The work programs cover seismic and other surveys as well as processing and interpretation with the purpose of maturing the licensed areas for future exploration drilling. Two of the licenses contain stipulations on exploration wells for the subsequent phases of the license. In addition DKK 10.6 million have been granted to projects of relevance for future investigation of the Faroe Shelf and DKK 13.7 million to competence development of the Faroese business community.
The below groups and companies have been awarded exploration licenses:
The second licensing round on the Faroe Shelf was launched August 17th last year and when the deadline for submitting applications was up on November 17th the Faroese Petroleum Administration had received 9 applications from 8 oil companies, organized in consortiums or as individual companies.
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