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The Faroe Islandsare newcomers to the oil industry. The Faroese Minsier of Petroleum granted the first licenses for exploration for and production of hydrocarbonson 17 August 2000. The article describes various aspects of the Faroese licensing system. Faroese legislation requires that a licensing round be held before the granting of licenses. Licensing rounds may be initiated upon the adoption of a Parliamentary Act defining the areas to be offered for licensing and the general terms and conditions on which licenses will be granted. Apart from describing the licensing system,
various terms and conditions included in the licenses granled for exploration for and production of hydrocarbons are treated in the art icle.
These include exploration term, extension with a view to production, work programme etc.