News

October 14, 2009

Tornado Fires Up For Faroe Petroleum

Faroe Petroleum was formed ten years ago to capitalise on the exploration opportunities created by the resolution of a long-running maritime boundary dispute between the Faroe Islands and the UK. The dispute had barred oil companies from exploring Faroese waters, which the industry hoped would yield the kind of giant discoveries that had earlier been made in the UK’s West of Shetlands area.

Faroe Petroleum’s wholly-owned subsidiary, Føroya Kolvetni, was established in 1997 to take part in the first licencing round in the Faroe Islands. It leveraged its Faroese origins to partner industry big hitters keen to impress the islands’ fledgling oil authorities of their commitment to employ local talent, picking up interests in two licences in the 2000 licence round alongside Italian energy giant ENI. Since then it has picked up interests in four more licences, giving it a...