Print Edition - 2017-04-21  |  Money Digest

Faroe Islands resume search for oil

- AFP, STOCKHOLM

Apr 21, 2017-

The Faroe Islands, a Danish autonomous territory, will resume their search for oil soon, launching the fourth licensing round for exploration since 2000 and the first since 2008. The licensing round will open on May 17 and close on February 17, 2018, the government said in a statement published on late Wednesday. “It’s just a question of time until we discover quantities large enough to exploit commercially,” Niels Christian Nolsoe, director of the Faroese Geological Survey, said in the statement. The North Atlantic archipelago, home to around 50,000 people, neighbours the Shetland Islands, which discovered oil in their waters in the 1970s. Nine exploratory drillings have been made in the Faroese underground since 2000, without any significant results. 

Published: 21-04-2017 09:04

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