The Third Faroese Licensing Round has kicked off, with the country’s Ministry of Fishery and Natural Resources inviting companies to apply for new hydrocarbon exploration licences.

The acreage on offer lies to the east, south and southwest of the Faroe Islands and covers some 38,405sq km.

The ministry said that when awarding exploration licences, emphasis will be placed on the work programmes that the applicants are willing to undertake.

“In addition, it is important that the Faroese industry is given an opportunity to participate in the activities to allow hydrocarbon exploration and production to contribute to a more diversified business community,” said the ministry.

The Minister of Fishery and Natural Resources, Torbjorn Jacobsen, added: “There are still large areas remaining to be explored as only six exploration wells have been drilled to date. In addition, these wells are not widely distributed and they have only penetrated a limited part of the stratigraphy.”

Applications must be submitted to Jardfeingi by 3 November and awards will be made by the end of the year.