During the 5th Faroe Islands Exploration Conference, which will be held on 17 May 2017, the Faroese Minister of Industry and Trade will announce the opening of the 4th Faroese licensing round. The round will last for nine months, with a closing date of 17 February 2018.
With the help of 15 years of exploration and the drilling of nine wells with proven discoveries, although not in commercial quantities, Jarðfeingi, the Faroese Geological Survey, have gathered substantially more knowledge and facts and a more mature understanding of the Faroese active hydrocarbon systems. As a result, Faroese geologists at Jarðfeingi believe they have increased the possibility of striking the first commercial field. At the conference they will be demonstrating how new and improved data has enabled them to make significant progress in their understanding of the geology of the Faroese Continental Shelf.
During the round a data room will be open and there will also be access to the core store at the Jarðfeingi offices in the Faroese capital, Torshavn.
