During that time, Bog Oil could have lost interest in the UK portion of the Atlantic Frontier altogether. As it is, that interest is waning against a background of low oil prices, higt exploration and [...] as the industry had hoped. At last the door is open to the first Faroese oil and gas licensing round to be launched and for oil companies to test the hunch that reserves of crude and gas are trapped beneath [...] frustrating. The good thing about the UF-Faroe boundary deal is that it appears reasonably equitable. Oil folk are happy. Fisherfolk are appeased. Much of the boundary is equidistant. There is only one sector

success of the petroleum industry in Newfoundland waters, it still leaves them vulnerable to global oil price and other fluctuations. Accordingly, I believe the most important change is that that has seen [...] it is commercial. But this first discovery does help confirm the expectation that Faroes will see oil and/or gas production sooner or later. It is sure to lead to further interest in Faroese waters, and [...] expanding and diversifying the Faroese economy. This will initially occur through an expansion of oil activity itself, with more Faroese companies following the lead of Atlantic Petroleum, Atlantic Airways

guarantee the islands a place among the world?s oil and gas nations. Quite how this will be achieved is a question that will occupy many minds this winter as oil company geologists and others closely analyse [...] Stakeholders in the Longan well are operator Statoil (35%); Phillips Petroleum (30%), Enterprise Oil (20%) and Veba Oil & Gas (15%). The rig used was the big semi-submersible Sovereign Explorer. Next off the starting [...] something good. The bets were on gas with condensate or gas with oil. In the event, Minister Elttur announced the good news ? it was gas and oil encountered over a gross payzone of 170 metres. However, the

North-east of Scotland have reaped huge benefits from the oil and gas industry but there have been downsides. House prices have escalated, as have retail prices. Unemployment is the lowest in Scotland but the high [...] industries. Aberdeen learned a harsh lesson in the eighties when the oil price slumped and the industry went into recession. House prices fell so dramatically some people simply handed their keys into their [...] available hotel rooms are filled by oil personnel. Will significant numbers of oil industry workers choose to make their homes in the Faroe Islands and push up the prices in the same way as happened in Aberdeen

from oil-related work and the dues Orkney?s Harbours Department charges the tankers that take oil and gas away from Flotta. But Orkney Islands Council, which has generated huge cash reserves in oil-linked [...] completely reversed by oil.« One of the important reasons for creating the oil reserves was to ensure money was available to help the islands cope with the eventual closure of the oil terminal - now projected [...] 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 for almost a quarter of a century now. It can be

of combining to extract value. Of course, the recent volatility in the oil and gas sector and particularly the fluctuating oil price following the events of September 11 has added an extra layer of uncertainty [...] significant growth for a small, start-up company but which would not figure on oil major?s materiality radar. Dublin-based Tullow Oil entered the UK upstream sector by acquiring assets from BP for £201 million [...] 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 industry supply chain business with the level

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 [...] comparatively strong negotiating position with the oil industry. After all, the oil multies wanted something from the island community ? namely a landfall for oil from the huge fields in the East Shetland Basin [...] payments to the SIC in the light of declining North Sea oil expectations. However, due to improve oil recovery techniques and the development of oil fields to the West of Shetland, the presence of the terminal

of Biscay). But Elf ditched it because of poor reservoir quality, unacceptable oil prices and high cost of extracting oil from such a remote location. But hope springs eternal and the Portuguese sector [...] Industry gave high-end reserves estimates of 730million tonnes of oil and 655billion cu.m of gas, plus a further 520million tonnes of oil for ?west of Scotland (includes Rockall Trough). By 1991, the high-end [...] JEREMY CRESSWELL One word sums up the hunt for oil and gas on the Eastern Atlantic Frontier ? from Portugal to Lofoten off Norway ? slow. There are few commercial discoveries to show for the enormous effort

economic uncertainty and personal danger, capable of giving jaded oil executives emotional highs and lows. Today, despite high oil prices, companies are reluctant to splash out millions of dollars on risky [...] bit. But, temptation to explore offshore Faeroes is expected to be put in front of oil companies at this year?s Faeroes Oil and Gas show where details of a new round are expected to be released, said local [...] negative impacts 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

"What might a world of high oil prices mean for the Faroe Islands?" Tað er evnið, sum vártingið hjá Oljutinginum fer at viðgera Á Vártinginum hjá Oljutinginum fer Professor Paul Stevens frá Centre for [...] Policy, á Universitetinum í Dundee at halda fyrilestur undir heitinum, "What might a world of high oil prices mean for the Faroe Islands?". Úti í heimi hava ymisk viðurskifti ført við sær, at oljuprísurin