2nd Licensing Round on the Faroe Shelf Opens in August 2004

Last month Parliamentary Act on the Second Licensing Round was passed by unanimous vote in Parliament.

The objective of the Second Licensing Round is to create a basis for continued exploration activities on the Faroe Shelf with the purpose of identifying commercial quantities of hydrocarbons in the subsoil and subsequent hydrocarbon production.

The Second Licensing Round for exploration of hydrocarbons on the Faroe Shelf will open on August 17, 2004. Applications must be submitted to the Petroleum Administration by November 17, 2004. The Minister of Petroleum expects to award the licenses of the Second Licensing Round in January 2005.