Faroe Islands seek oil companies to restart offshore exploration

The Faroe Islands are seeking oil companies willing to explore and drill for oil beneath the islands, business minister Jacob Vestergaard told Kringvarp Føroya while attending an oil conference in Stavanger, Norway.

Vestergaard said there is now broad political support for restarting oil exploration in Faroese waters, which ended more than 10 years ago.

“The situation in the world has changed, and we are convinced that oil will remain an important energy source for many more years,” Vestergaard said. “That is why we hope the oil companies also see the opportunity to extract oil from the Faroese subsoil.”

The conference has nearly 73,000 visitors from 102 countries, with 1,150 presentations on its programme.