THE Faroese ministry of fishery and natural resources has launched its third licensing round with a call for interested companies to apply for exploration licences offshore.
The round has been in the offing for some time and has gone ahead despite the disappointing Wellington exploration probe drilled earlier this year by BP.
The acreage on offer lies to the east, south and south-west of the Faroe Islands. It covers 38,405sq km.
Minister in charge Torbjorn Jacobsen said at the launch that, when awarding exploration licences, emphasis would be placed on the work programmes that the applicants are willing to undertake.
He stressed, too, the importance of ensuring that Faroese industry is given an opportunity to participate in the activities to allow hydrocarbon exploration and production to contribute to a more diversified business community. This issue has become a bone of contention with oil companies as they say it raises costs. They would rather service rig requirements directly from the UK and avoid compulsory double-handling of goods and services through the islands.
Applications must be submitted to the ministry by November 3, with licences set to be awarded by the end of the year.