DONG Awarded Interests in Two New Faroese Licenses

The Faroese authorities have awarded DONG interests in two licenses on the Faroese continental shelf.

The new licenses have been awarded to two consortia operated by ChevronTexaco and Statoil, respectively.

With the awards, both of DONG's applications have been successful, and Søren Gath Hansen, Executive Vice President in DONG, is pleased about the potential offered by the two licenses:

"I am delighted that the second Faroese licensing round, which has just been concluded, has enabled us to increase our ongoing activities on the Faroese continental shelf. We have a long-term strategy for this area, in which we recently made a significant discovery - Rosebank/Lochnagar - in the UK sector, immediately across the boundary. It has therefore been important for us to secure the Faroese areas adjoining this find, as well as areas near our most interesting Faroese exploration license from the first licensing round. The award gives us a firmer foothold in an area that could become one of the most important areas for oil and gas production in Europe," says Søren Gath Hansen.

The area between the Faroe Islands and the Shetland Islands is one of DONG's three geographical focus areas within exploration. The other areas are the southern Norwegian and Danish parts of the North Sea and the Norwegian Sea (Norskehavet) off mid-Norway, where DONG acquired BP's ten per cent interest in the large gas field, Ormen Lange, in November.