because of the oil industry and the challenge for the Faroes, if oil is discovered in its waters, will be to capitalise on the opportunity yet retain the unique charm of the islands. Aberdeen and the North-east [...] dependent on the daily fluctuation of the oil price and the Faroes Islands must carefully balance the huge opportunity which the industry can bring with the retention of the islanders? core values and the very [...] activities. The industry continued to thrive through the 1990s although the two most common words were ?cost reduction.? The CRINE (Cost Reduction in the New Era) initiative was launched in 1993 with the aim of

been lit by a dramatic orange glow for the past 25 years - a sight as familiar to residents as the stars that fill the clear skies above the islands. Islanders treasure the winter spectacle of the aurora borealis [...] borealis. But the source of this night time display is man made - and serves as a powerful symbol of the impact oil has had on the Orkney Islands. A huge orange flame has blazed above the Flotta Oil terminal [...] many of the benefits of oil developments without many of the less acceptable aspects.« »One of the big advantages here was the creation of the terminal on Flotta, a small island well away from the main centres

taxation on crew?s wages. The objective of the FAS arrangement is that the shipping companies get refunded a part of the wages paid to their employees. The objective of the special rules for taxation on crew [...] order to be covered by FAS it is also necessary that the ship owner in question is a resident in the Faroe Islands. If the ship owner is a company it has to be registered in the Faroe Islands and its real [...] place. Also in this case it is only the part of 500,000 DKK or less that is reduced. The taxable income assessed like this is taxed in accordance with the ordinary tax rates. The same applies to limited tax

Sea for some time.« ASCO is another oil support services company where the accent is very much on growth. Colin Manderson, the chief executive, hoped to be at the helm of the first Scottish company to [...] offering) in 2001 but the plans to list on the New York Stock Exchange were shelved as the OSX oil services index went south. Manderson has been concentrating on continuing to build ASCO into a truly global oil [...] repositioning itself as a fully integrated exploration and production (E&P) company with a focus on active exploration. Roots Gas is another recently formed E&P company which is concentrating on buying producing

while the Terminal is operated by BP Amoco on behalf of 30 oil company partners, ? An annual rent is paid to Shetland by the oil industry for the land on which the oil terminal is situated, ? A Shetland [...] infrastructure, which is being developed in the North and West of Shetland, is located to the prospective oil province on the other site of the border between the UK and Faroe. Former Sullom Voe Oil Terminal [...] this year is well up, and much of that is thanks to oil-related offshore activity.« »There is more emphasis now on these areas, especially with the turmoil in the Middle East. The Shetland and the Faroese

studies over the coming months. If we see hydrocarbon production on the Faroe Shelf in the future, the local industry will also face a new challenge with a marked increase in activity. According to the Faroese [...] general impression is that the activities on the whole have been carried out in a satisfactory manner. However I still think that this conference is a good forum for dialog between the parties involved, [...] One year ago I had the privilege to open the first Offshore Faroes conference, and I am honoured to be invited back this year. Last year we were on the brink of a new industry in the Faroese context. Today

minst ? seta svarleysar spurningar: Though all the maps of blood and flesh Are posted on the door, There´s no one who has told us yet What Boogie Street is for. So kanska var tað eitt hugskot, um profeturin [...] avleiðing av hesi gongd. Saman við konu og soni hevði eg raggað mær niðan í Ítróttarhøllina at hoyra The Dubliners. Sum siður er, hevði eg tikið eina pisu við, og vit gleddu okkum til eina lítla musikalska [...] inn á pallin, kvikliga, við staccatokendum gongulag, ikki ólíkur manni, sum marsjerar í takt. Men The Dubliners eru musikarar, ikki hermenn, hugsaði eg og narraði eyguni mistrúgvin. Maðurin fór yvir til

beyond that, there is the West Africa bonanza, which for now seems unstoppable. On the opposite side of the Atlantic to the North Sea, the story of oil has also been slow to unfold, though the potential of Eastern [...] onstream by late 2005. On the Norwegian exploration front, among the most interesting frontier concessions awarded in the recent 17th licensing round is a prospect known as Fles Nord. This is thought to harbour [...] Scotland is 400million tonnes and 400billion cu.m. The figures are based on data gathered during the 1991 mapping and drilling programmes and are probably the most relevant to the Faroes. The message of

of an oil industry on fishing is now widely perceived as being negligible, as the commercial activity is focused on the shallow shelf areas around the islands while the oil industry is looking for its natural [...] but it is unlikely to include any acreage near the Faeroes. The 21st round is likely to be a mopping up exercise mature areas not taken up in the previous 20th round and a batch of assets in the gas prone [...] neighbouring maritime countries in the region. At the same time, keeping a close eye on future offshore UK licence rounds is an important weapon in the explorer?s armoury. The UK will open its 21st licence

article 76 of the United Nations Convention on the Law of the Sea and will eventually be examined by the Commission on the Limits of the Continental Shelf, which has been established under the Convention [...] not just a mere extension of the West of Shetland area. One critical element when enhancing the geological understanding of a new area is the question of openness and data exchange. To a certain degree this [...] prospects. The major part of the Faroe Shelf is covered with volcanic material and it is of paramount importance for Faroese authorities that the potential beneath the basalt is vigorously pursued. The Faroe