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New Licensing Round West of Scotland to Open Up Supermassive Oil Fields Where 100 Years of Oil Predicted

Published in Oil Industry News on Monday, 18 March 2019

Graphic for News Item: New Licensing Round West of Scotland to Open Up Supermassive Oil Fields Where 100 Years of Oil Predicted

It has been revealed today that plans are in place for a joint licensing round to be launched between the Faroe Islands and the UK North Sea.

The “ground-breaking” collaboration would see blocks come available for exploration in waters on the UK Atlantic Margin, between west of Shetland and the Faroes.

It would see the fifth Faroese Licensing Round take place alongside the UK’s 32nd round, due to begin in June and close in November.

The Faroes Oil Industry Group said it will create a “whole new expanded oil province which subsumes and supersedes West of Shetland”.

In 2014 Oil and Gas People conducted a study into the potential the Atlantic Margin holds for Oil Discoveries. Our investigation included interviews with industry experts and collated seismic and expert evidence from a range of independent sources such as the British Geological Survey, DECC (the regulator at the time), oil and gas companies, the Institute of Petroleum Engineering and the Energy Institute.

The 2014 report revealed that reserves of oil and gas could be underestimated by 100% and that the West Coast alone could provide oil and gas for over 100 years.

The report concluded that the area had remained largley untapped due to deep waters and difficult geological conditions. It also concluded that their was strong geological evidence for oil and gas reserves, including that the major basins in the area are filled with thick sedimentary successions – which helps produce and then reservoir oil and gas. These geological conditions support the formation of gigantic, or ‘supermassive’ oil reserves.

Our investigation predicted that oil exploration, discoveries and production in the area would dramatically increase over the next ten years as continual improvements in drilling technology, rig design and seismic surveying makes the area more accessible.

The news comes amid increased interest from the likes of BP, Shell, Total and Equinor in the west of Shetland region.

The plans have been laid before the Faroese Parliament by Poul Michelsen, the Minister of Foreign Affairs and Trade.

The Faroese government gave a wide estimate of between 100million and 10billion barrels of potential recoverable oil being present on the Faroese Continental Shelf.

As part of the initiative, the government intends to remove a two percent royalty provision for licensees.

Sept 2014 Article: Scottish West Coast Untapped Oil and Gas Reserves Worth Trillions

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Atlantic Margin, Oil and Gas, West of Scotland, Oil Exploration

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