Faroes Islands enlists help in exploration drive

Interest in the Faroese offshore may be buoyed by exploration success in adjacent West of Shetland waters

The Faroe Islands will launch a joint licensing round this month with the UK, targeting increased exposure through the initiative with the aim of sparking renewed exploration interest in waters along its maritime border with Britain. But the complex geology in the area and its remote location may still dampen enthusiasm among energy firms that are averse to riskier plays. The 5th Faroese licensing round, which will be released jointly in mid-July with the UK Oil and Gas Authority's (OGA's) 32nd round on an unconfirmed date, will offer 9.4 sq km² of offshore blocks. Detailed seismic data kits, favourable income tax conditions and lower application fees as cheap as DKK150 ($22) for a preparato