Faroe Islands to revise tax laws to make oil exploration more attractive

The Faroese government plans to amend tax legislation to encourage oil exploration, while also increasing funding for the national geological survey, Jarðfeingi, according to labour minister Jacob Vestergaard.

Speaking to public broadcaster Kringvarp Føroya, Vestergaard confirmed that changes to the tax code would be introduced to make oil and gas prospecting more financially appealing to companies. The adjustments will also address Jarðfeingi‘s long-standing request for additional resources to support its operations.