As part of our continuing efforts to bring you as much information about our region as possible we offer readers a press release service that allows private firms, public agencies, non-governmental organisations and other groups to submit relevant press releases on our website.
All press releases in this section are published in their full length and have not been edited.
We reserve the right to reject press releases we deem irrelevant or inappropriate.
All material submitted to The Arctic Journal, including pictures and videos, will be assumed to be available for publication by The Arctic Journal and its related entities.
The fourth licensing round for oil exploration in the Faroese underground will officially open during the Faroe Islands Exploration Conference, which takes place in Tórshavn from May 16-18.
The Faroese Geological Survey, which hosts the conference, will present the most recent data on hydrocarbon exploration of the Faroese Continental Shelf.
Niels Christian Nolsøe, director of the Faroese Geological Survey, expects that profitable quantities of oil and gas will be found in the Faroese underground within the next ten years, if not before.
He said: “The divide of oil in the underground can be compared to a broken mirror, which is scattered across the North Sea. All of the larger pieces have most likely already been found. The smaller pieces, or oil finds, are the most interesting now. But nothing has been found in the Faroe Islands so far, meaning that there could still be large undiscovered quantities of oil in Faroese territory.”
Nine exploratory drillings have been made in the Faroese underground without any significant results since 2000. Nolsøe, however, is convinced that nine wells are not enough.
“We have developed a lot of knowledge about the Faroese underground. We know there’s an active hydrocarbon regime. All of the systems, which produce and store oil, are present. We’ve also found traces of hydrocarbon. In my opinion, it’s just a question of time until we discover quantities large enough to exploit commercially.”
The fourth licensing round for oil exploration opens on May 17, 2017 and closes on February 17, 2018.
You’ll find more information about the Faroe Islands Exploration Conference and the 4th licensing round here.