Faeroese oil find

On the Faeroe Islands expectations of having an oil industry in future are growing after a new discovery in the British sector of the sea area. An oil consortium led by US company Amerada Hess has found both oil and gas just 25km from the Faeroese sector of the continental shelf. The oil well is 30km north of two very large oilfields which are already in production. BP, Statoil, Amerada Hess and Agip have committed themselves to several test drillings in the Faeroese area.

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