High probability of oil in Faroese-British waters

Geologists from the Faroe Islands have reported a high likelihood of hundreds of millions of tonnes of oil lying untapped in the Faroese-British maritime area, particularly in the Colsay sand, named after an uninhabited Scottish island.

At a major conference in Aberdeen, Faroese geologists presented four potential drilling sites, each with an estimated 20% probability of containing oil. While this may not seem significant, the discovery would be substantial given the challenges of deep-water drilling beneath basalt layers.

If oil is found, the reserves could be considerable. The sites are close to each other, with three estimated to hold a combined 338 million tonnes, while a fourth, located on the Faroese continental shelf, could contain around 300 million tonnes.