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The Faroe Islands has no history of production. The first well was drilled onshore in 1981 to determine the thickness of the basalt layer. Three onshore wells have now been drilled, all for purely scientific purposes. They had no expectations of locating oil or gas.
Offshore less than 10 wells have been drilled in the Judd sub-basin of the Faroes-Shetland Basin (West of Shetland basin in the UK) close to the border with the UK. The first well (Marjun-1) was drilled in 2001. It discovered some oil but all the others have been dry.
With lower oil prices drilling is unlikely in the near term. However over the longer term renewed exploration activity could locate commercial oil resources. Globalshift thus forecasts potential oil production from a small area near to the UK border beginning in the mid 2020s. No gas production from the country is expected.
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