The Faroese hope of finding oil offshore its coast has turned out to be more of a mirage than a miracle.
Since the Faroese authorities issued the first oil exploration licences and the first exploration took place on the Faroese continental shelf in 2001, nine wells have been drilled and an active hydrocarbon system has been confirmed. However, the discovery of commercial quantities remains elusive.
Equinor, the last of the oil companies to maintain an office on the Faroe Islands, shut its doors in 2015 as the quantities were simply not enough to justify commercial production.
In spite of all this, Faroese finance minister Kristina Háfoss and Faroese foreign minister Poul Michelsen still remain hopeful that the Faroes will become a glorious oil nation.
Háfoss told AFP, as quoted by The Local: We are confident that there is oil and gas here..It’s just a question of getting enough companies to go out and search for it and then we will find it.”
Off the nearby Shetland Islands, significant oil and gas fields have been found.
“When you know that just a few kilometres from the Faroese border the UK finds oil all the time, it’s quite sure that there is oil here,” said Poul Michelsen who is in charge of oil issues.