0.375
%
Uncertain
114
mm boe
0
%
Few changes have been discussed with the Faroese government, and the lack of viable developments has not prompted any change in the fiscal regime. Licensing has effectively paused. Outlook maintained because there is no clear direction for future licensing. Outlook: Uncertain. Risk premia unchanged at 0.375%.
October 7, 2026
Europe - North West
mm bbl
bcf
Northern Europe, island group between the Norwegian Sea and the North Atlantic Ocean, about halfway between Iceland and Norway.
Concession
Concession fiscal regime with royalty, corporate income tax and an additional profits tax (Special Petroleum Tax) which varies with project profitability
The Faroe Islands is a self-governing territory of Denmark that sits outside the EU, with an economy dominated by fisheries and aquaculture. Political and legal risk is very low. Several licensing rounds since 2000 have produced no commercial discoveries, and there is currently no active exploration.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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