Exploration – A Discovery for the Faroese community Tórshavn, Faroe Islands 4th June 2013 Petur Joensen, Jarðfeingi

General A “discovery” has materialized.... Exploration potential Domestic and overseas potential for local entities Framework initiatives to be considered

Status - exploration Number of licenses and licensees decreasing Five active licenses Five licensees: Statoil (operator) Atlantic Petroleum, DONG, ExxonMobil, OMV New licenses probably granted shortly Seven wells drilled, one temporary suspended One firm well commitment 2014.

Licence map

Status - exploration Current licence periods 2015. Negotiations on extensions. Sindri Licence commitment. Administrated by FOÍB. Knowledge increased. Drilling technique developed.

Public revenue

Derived activity Industrial competence lift New opportunities captured App 120 MDKK allocated 400-500 projects funded Licence Operators administrate the scheme New opportunities captured Companies and individuals have pursued new opportunities – and have succeeded Supply, standby, chase, telecommunication, flight, IT, craftsmen, officers, management etc. .... Hundreds of jobs. Substantial share of GDP.

From here... Pursue further exploration Expand derived activity Synergy: Initiatives aiming at benefits for exploration and derived activity

From here... Exploration: Mature prospects Promote prospects Basalt challenge Sindri consider most important challenges Join effort with others? Other research

From here... Derived activity: Pursue further local content How Domestic Overseas How Review competence lift scheme Review administration of local content Review Sindri set up Overseas: Industry lead initiatives, supported by legal framework

Hydrocarbon Planning Commission was a success, which can be learnt from...

“The oil did not come drifting on a plank” …a reminder to all of us: “The oil did not come drifting on a plank” Gunnar Berge, Chairman of Petoro, former minister and former director for the Norwegian Petroleum Directorate:

Thank you