Oil likely found in Faroese-British waters

Geologists from the Faroe Islands say there is a strong likelihood that hundreds of millions of tonnes of oil lie beneath the Faroese-British continental shelf, awaiting extraction, according to a report from Kringvarp Føroya.

Speaking at a major conference in Aberdeen, the geologists highlighted promising prospects in the Colsay sand, named after the uninhabited Scottish island. Four potential drilling sites identified in their presentation at the EAGE conference carry an estimated 20% chance of striking oil.

While the probability may seem modest, the stakes are high for deep-water exploration beneath basalt layers. If successful, the finds could be substantial. The three closest sites are estimated to hold a combined 338 million tonnes, while a fourth, located on the Faroese shelf, could contain around 300 million tonnes.