Atlantic Petroleum joins new bid to explore off the Faroes

Atlantic Petroleum is joining a group seeking to assess whether oil exploration should continue on the Faroese continental shelf, KVF reports. The group has submitted an application to Jarðfeingi, the Faroese authority responsible for the sector.

The group is being established as a company. Atlantic Petroleum expects to hold 40 percent of its share capital, but will not pay for its stake; the other partners will cover the cost.

Atlantic Petroleum chairman Mourits Joensen said several factors had again made the Faroese continental shelf attractive. The company has faced financial difficulties for an extended period, but that has not halted the new plans.