Faroes launches 5th Licensing Round to run in conjunction with the 32nd UK Licensing Round
12 Jul 2019
The Faroese Geological Survey has announced the launch, on 11th July 2019, of the 5th Licensing Round, which will be run in conjunction with the 32nd UK Licensing Round. Both rounds will be open for 120 days.
In preparations for the 5th licensing round Jarofeingi (Faroese Geological Survey), together with the Ministry of Foreign Affairs and Trade, secured Parliamentary approval for adjustments in the terms and conditions of licenses and licensing procedures to align them more closely to those which obtain in the UK. Companies can now look at the area in the knowledge that the licensing regimes are similar on both sides of the border. This may be considered of particular relevance in relation to investment decisions in those areas where the geology is also similar on both sides with the possibility of prospects crossing the border.
Jarofeingi shall receive applications for Licenses for Exploration and Production of Hydrocarbons by 12 November 2019 at 12 noon.
Source: Faroese Geological Survey