New Faroese Government keeping door open on future exploration
Given that energy policy now goes hand in hand with ideology - in certain places anyway – a change of government can often mean a radical change of tack, particularly on oil and gas.
Given that energy policy now goes hand in hand with ideology - in certain places anyway – a change of government can often mean a radical change of tack, particularly on oil and gas.
For a nation with no producing oil and gas assets, the Faroe Islands is not short on ambition.
The Faroe Islands plan on staying open for offshore oil and gas exploration and for sharing in the spoils of any UK Atlantic Frontier development where reserves might straddle the Faroe-UK maritime boundary.
An underwater observatory between Shetland and Faroe has found an abundance of hydrocarbon-eating bacteria that could help deal with future oil spills.
The Faroe Islands Government has said it has no plans to follow Denmark’s decision to wind down oil and gas exploration.
The Faroe Islands Government has announced today that it has opened its 5th oil and gas licensing round, which will run in tandem with the UK's recently opened round.
Plans are in place for a joint licensing round to be launched between the Faroe Islands and the UK North Sea.