|Mr. Johan Dahl, Minister of Trade and Industry, today awarded exploration licenses in the Faroese Third Licensing Round.|
Three licenses were awarded to 5 companies. Two licenses were awarded to a sole company and one license was awarded to a group of four companies.
Mr Johan Dahl says: “With the awards today the licensed acreage on the Faroese Continental Shelf has increased by more than 50%. Hence we take one more substantial step forward in the exploration activity which one day shall result in the discovery and exploitation of hydrocarbons in the Faroese Area. I also draw your attention to the fact that today we have awarded the largest Faroese license so far.”
The total acreage for the awarded licenses in Third Licensing Round amounts to 6,505 km2. The total acreage of currently awarded licenses is 17,673 km2.
The License Terms are between three and six years. The terms are subdivided into phases and decisions have to been made by the end of each phase in order to proceed to the next.
The work obligations consist of the acquisition and processing of data.
The Press Release with an overview of license holders can be found here (pdf).