Tuesday 16 July 2019

Jarðfeingi (the Faroese Geological Survey) announced the launch of the 5th Licensing Round on 11th July which will be run in conjunction with the 32nd UK Licensing Round. Both rounds will be open for 120 days. Jarðfeingi would like to extend a welcome to oil companies to avail themselves of this opportunity to apply for an exploration license in Faroese waters.

In preparations for the 5th licensing round Jarðfeingi, together with the Ministry of Foreign Affairs and Trade, secured Parliamentary approval for adjustments in the terms and conditions of licenses and licensing procedures to align them more closely to those which obtain in the UK. Companies can now look at the area in the knowledge that the licensing regimes are similar on both sides of the border. This may be considered of particular relevance in relation to investment decisions in those areas where the geology is also similar on both sides with the possibility of prospects crossing the border.

More information here.