Faroes “interesting” amid European energy crisis

The current gas supply shortage may cause European eyes to turn toward the Faroe Islands

Drilling in the Anne Marie exploration well west of the Faroese border revealed large amounts of gas in 2010. Further exploration was, however, abandoned at the time due to low gas prices (Source: orkan.fo)

Kári Sólstein

15.02.2022 - 13:14

Gas prices have risen significantly in recent months, and prices appear unlikely to come down any time soon.

This is due to a number of factors such as decreased gas production and minimal expansion of gas fields in Europe.

The price situation is further complicated by political tensions in Eastern Europe.

Since Europe relies heavily on gas to meet its energy needs, the supply shortage and the high prices are becoming increasingly problematic.

This situation may turn European eyes toward the Faroe Islands, reckons Jan Müller, who heads the Faroes Oil Industry Group (FOÍB).

Large amounts of gas were detected in the Faroese underground in 2010, but due to a lack of funding and low gas prices at the time, it was not deemed profitable to explore this any further.

“This area may well become interesting to foreign companies and investors as the energy crisis is escalating,” he says.

Read the Faroese version of this article here.

More Faroese News in English.