Faroes promote continental shelf for its wider resource potential

The Faroe Islands are renewing efforts to attract international interest in their continental shelf, including for resources beyond oil, Business Minister Jacob Vestergaard told KVF after visits to Norway and Scotland.

The Faroese research institution Jarðfeingi has studied and analysed conditions on the seabed for many years. The shelf is now being promoted again to international oil companies.

This year, 700,000 kroner has been allocated in the budget for oil exploration. Jarðfeingi has also published a report on minerals on the seabed, including rare earth elements and other critical raw materials used in high technology, including technology for the green energy transition.

The Ægisryggurin, an undersea ridge north of the Faroe Islands, appears particularly promising. But it lies 2.5 kilometres deep, making the recovery of these resources a major technical challenge.

“It is uncertain when this will become technically possible, and when it will be financially viable,” Vestergaard said.