exploration well at the Faroes earlier this fall. The oil company BP?s choice of drilling unit for this area was well selected. West Navion is one of the newest and most advanced drilling unit of its kind. The

terms it is one tenth of the size, and in GDP terms even smaller. Accordingly, a relatively small scale of activity has had a large relative effect on Newfoundland. In the Faroes, with less than one-tenth of [...] returned to Newfoundland, of the positive results from the Amerada-Hess well. It is of course only one well, and there will be a need for further drilling and analysis to delineate the field and see if [...] second field will start producing next month), the industry already contributes over 10% of the province?s GDP. This relatively large figure does not reflect the size of our petroleum industry (it is still very

to drill one or two wells.« Another reason for the savings is that the drilling team has been able to optimise the drilling work as the programme has proceeded »When one drills so many wells, one acquires [...] increase common understanding and develop human resources both on the Faroe Islands and at DONG. »One of the main aims of our activities is to support the development of competence within the oil industry [...] already acquired by the Faroese Government itself through a well drilled at the beginning of the 1980s. In 1995, DONG formed The Faroes Partnership together with Amerada Hess. Later on, British Gas and Atlantic

to drill one or two wells.« Another reason for the savings is that the drilling team has been able to optimise the drilling work as the programme has proceeded »When one drills so many wells, one acquires [...] increase common understanding and develop human resources both on the Faroe Islands and at DONG. »One of the main aims of our activities is to support the development of competence within the oil industry [...] already acquired by the Faroese Government itself through a well drilled at the beginning of the 1980s. In 1995, DONG formed The Faroes Partnership together with Amerada Hess. Later on, British Gas and Atlantic

the Norwegian company?s international exploration and production programme, was reported to be disappointed, though he said that data obtained would be useful while planning Statoil?s next commitment well [...] Elttur?s announcements about the BP and Statoil wells. But an immense amount of valuable information was obtained from both ? the kind of data that could make a real difference to the next year?s campaign [...] Jeremy Cresswell There can no longer be any doubt about the success of this year?s pioneering offshore drilling campaign, thanks to the determination of Amerada Hess and other members of the Faroes Consortium

just 17,000 in 1971. »One of the most important benefits of the oil era, and one often overlooked, is the way it restored confidence in the people of Orkney,« he said. »Until the 1970s, people across the [...] than the film Local Hero, a huge hit in Britain when it opened in cinemas across the country in 1983. One scene in particular struck a chord with people here. The Hollywood star Burt Lancaster steps out of [...] back on 25 years of living with the oil industry, that Steinway grand piano is still being played. It?s not known for certain whether the Flotta experience influenced Bill Forsyth. But apart from expensive

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?s wages [...] the thus reduced income. B. Taxation on crew?s wages The changes that came into force 1 January 1998 resulted in five different taxation options on crew?s wages as differentiation has to be made between [...] of Ships (FAS) that came into force in the beginning of the 90?ies and the rules of taxation on crew?s wages that came into force in the second half of the 90?ies. As regards taxation on income derived from

for an undisclosed sum. The company?s aim is to be a very low cost base player intending to gain additional value from operational efficiencies. Marubeni, one of Japan?s leading general trading houses, is [...] May 2000 through its acquisition of Wintershall?s UK portfolio. Highland completed a further three deals involving Statoil CalEnergy and BP. The company?s strategy is to focus on its producing assets plus [...] of Germany for £134 million, with the combined group becoming one of the largest land drilling operations outside of North America and one of the world leaders in drilling rig design, construction and

reason why they should respond to the oil industry?s courting. It was, in fact, the desolate state of the economy of the UK and the central government?s hunger for oil revenues that put Shetland in a co [...] l regime had been put in place at the terminal, which made Sullom Voe not only Europe?s biggest but also Europe?s cleanest oil terminal, ? A specified amount of money is paid to Shetland Islands Council [...] Shetlends?s Oil Experience Hans J. Marter Shetland is ready for the Faroese oil industry to take off and is confident that both island groups will benefit hugely once oil is discovered in the Faroese sector

Ladies and gentlemen, 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 [...] looking forward to hearing more of over the next days. There is another marked change since last year?s conference. We have established that our subsoil holds hydrocarbon accumulations in significant volumes [...] last 12 months. It is important that we talk together so we can voice our opinions and experience. One thing that we have learned from our neighbouring countries is the need for evaluating the activities