Three new exploration licences have been awarded in the Third Faroese Licensing Round which saw StatoilHydro capturing a total of Normal 0 33 offshore blocks.

The Faroe Islands government has launched another offshore licensing round offering 38,405 square kilometres of acreage to the south and south west of the Islands in the Atlantic Margin close to the border with the UK’s North Sea sector.

William exploration well partner Faroe Petroleum has acknowledged the lack of success on the deepwater hole operated by BP but emphasises that the data obtained during drilling will be useful for future exploration in the region.

A deepwater exploration well drilled by BP off the Faroe Islands with the Transocean Rather rig has been completed without finding oil or gas so far but failed to reach the predicted depth of hydrocarbon formations and will be suspended for now with the possibility of the hole being drilled deeper at a later stage.

North Atlantic explorer Faroe Petroleum has secured a series of asset deals with Shell and E.On Ruhrgas which provide exposure to a current exploration well and near term field developments.

Political leaders in the Faroe Islands are seeking closer ties with Europe by opening talks on joining the European Free Trade Association.

Chevron has hired Wavefield Inseis to carry out a new long offset 2D seismic survey in the Faroe-Shetland Basin.  

Hopes for the discovery of further hydrocarbons on the Faroes Continental Shelf have been dented with the news that the Statoil-operated Brugdan prospect well was a dry hole.

Drilling of geologically significant sub-basalt well offshore the Faroes Islands has started with the Stena Don semi-sub rig operating for Statoil.

Faroe Petroleum has committed to drilling a well on a prospect called Anne Marie in Licence 005 offshore the Faroes Islands.

Faroe Petroleum has raised a further £25 million before expenses in a new share issue to help finance further exploration on its acreage in the Atlantic Margin.

North Atlantic explorer Faroe Petroleum is looking to shareholders to approve a new share issue to raise a further £25 million to help finance up to eight exploration wells in the next two years including two commencing later this year.

Companies seeiking to explore for oil and gas off the Faeroes Islands should find it easier with the merger of two government departments handling offshore affairs.  

Faroe Petroleum which is listed on London’s Alternative Investment Market says it has farmed into the sub-basalt well on the Brugdan prospect offshore the Faroes which is due to be drilled by a Statoil-operated group next summer.

The Faroese Ministry of Petroleum announced eight companies had won awards in seven exploration licenses in the country’s second licensing round in an area attracting international attention.

Faroes Minister of Trade and Industry has launched the second licensing round on the Faroese Continental Shelf.