Faroe Islands upstream summary Report

Country Report 26 February 2024

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Report summary

The Faroe Islands have no history of commercial oil and gas production, but are working to establish an upstream industry. In 2019 the 5th licensing round will be held to coincide with the UK's 32nd offshore licensing round.

Executive summary
Key facts
Location maps
Geology
- Introduction
  - Geological evolution
  - Faroe-Shetland basin
Exploration
- Licensing
  - Duration
  - Relinquishment
- 2019 licensing round
- 2017 licensing round
- Historical licensing
- Drilling
  - Drilling activity
  - Onshore
  - Offshore
  - Historical onshore activity
  - Historical offshore activity
Reserves and resources
Production
- Liquids and gas
Infrastructure
- Oil infrastructure
- Gas infrastructure
- Future Projects
Policy and regulation
- Key legislation
- Regulatory body
  - Regulations governing hydrocarbon activities
- State oil company
- State participation
- Licensing
Fiscal terms
- Overview
- Current fiscal terms
  - State equity participation
  - Bonuses, rentals and fees
  - Indirect taxes
  - Special Petroleum Tax (SPT)
- Historical background
  - 1990s
  - 2000s