Faroese-British waters likely hold hundreds of millions of tonnes of oil

Geologists from the Faroe Islands have reported strong indications that hundreds of millions of tonnes of oil lie untapped in the Faroese-British maritime area and directly on the Faroese continental shelf, awaiting drilling.

The assessment was presented at a major conference in Aberdeen, where experts highlighted promising prospects in the Colsay sand, named after the uninhabited Scottish island of Colsay. Across four exploration sites identified in a presentation at the EAGE conference, the probability of finding oil is estimated at around 20%.

Óluva R. Eidesgaard, a geologist at Jarðfeingi (Faroese Earth and Energy Directorate), noted that while the chances may not seem high, the potential is significant, particularly for deep-water drilling beneath basalt layers. If oil is discovered, the reserves could be substantial.

Four of the sites are clustered close to one another within the same area, with a combined estimated capacity of 338 million tonnes of oil. The fourth site lies on the Faroese continental shelf and is estimated to hold 300 million tonnes.