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

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

3. 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.

4. Licence map

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

6. Public revenue

7. Derived activity Industrial competence lift New opportunities captured
App 120 MDKK allocated
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.

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

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

10. 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

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

12. “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:

13. Thank you