The Faroese Government hopes to attract companies, who want to explore the UK west of Shetland area, which borders the area East of Faroes Islands.
Companies like Siccar Point (Cambo) and Equinor (Rosebank), already operating West of Shetland, can use their strategic position and investigate the Faroes licensing area.
The Faroese 5th Licensing Round is opening this summer and will stay open for 120 days, running in parallel with OGA’s 32nd License Round. The two rounds will be linked by the similarity of terms and conditions for exploration licenses on both sides of the border.
Co-ordination between the OGA and Jardfeingi (Faroese Geological Survey) has focused on putting blocks on adjacent sides of the North Sea maritime border.
Jardfeingi also offers a data-package that includes publicly released 3D-, 2D-seismic and well data.