Calls to restart oil exploration in the Faroe Islands grow stronger

Ólavur Í Geil
2 days ago
3 min read

Calls to restart oil exploration in Faroese waters are gaining renewed momentum, as political and industry voices increasingly point to both regional developments and global energy uncertainty as reasons to act.

Elsebeth Mercedis Gunnleygsdóttir, a member of parliament, has been among those urging action for several years. In a recent opinion piece, she stressed that support for renewed exploration now appears to be growing across the political spectrum. “More and more, both inside and outside the Faroese Parliament, are agreeing that this is necessary,” she notes, adding that “the time for discussion has passed; now we must act.”

Activity near Faroese waters

Her call comes at a time of heightened activity just beyond the Faroese maritime boundary. The drilling rig Deepsea Atlantic is currently positioned near the border, preparing to drill up to seven wells. According to shipping data, multiple offshore vessels are already operating in the area, indicating a significant new phase of exploration activity.

While it remains unclear whether drilling has fully commenced, the scale of preparations underscores how quickly developments are moving nearby. Gunnleygsdóttir argues that this should serve as a wake-up call: “Hopefully we now wake up in earnest and act, rather than continuing to talk about taking action.”

Political Priority and Industry Engagement

A central argument is that oil exploration must be elevated to the highest level of political priority. Existing frameworks, such as open licensing systems, are seen as insufficient on their own. Instead, more direct engagement with international oil companies is required.

“It is not enough to rely on open-door arrangements,” she writes. “We must actively approach companies and invite them to the Faroe Islands.” Such outreach, she argues, is a necessary step if the Faroe Islands are to compete with neighboring regions already attracting investment.

Global energy pressures

The push for renewed exploration is also linked to broader global energy concerns. With growing geopolitical uncertainty affecting supply routes, including the strategically critical Strait of Hormuz, analysts have warned about potential strain on global oil storage and distribution.

Against this backdrop, Gunnleygsdóttir poses a pointed question: “What are we waiting for?”

A potential new economic pillar

Advocates of oil exploration argue that a domestic oil industry could provide an important third pillar for the Faroese economy, alongside fisheries and aquaculture. Diversification is seen as critical in an increasingly complex and costly economic environment.

“The Faroe Islands must have more than one leg to stand on,” she argues, pointing to the wide range of employment opportunities that the oil sector could offer. These include highly specialized and knowledge-intensive roles that could benefit young Faroese pursuing higher education.

There is also potential to reverse a long-standing trend of skilled workers leaving the country. “Many Faroese already work abroad in the oil industry,” she notes. “With a domestic sector, these people could return home.”

A question of timing

Ultimately, the debate centers not only on whether oil exploration should resume, but when—and how quickly. With neighboring regions already moving ahead and global energy markets under pressure, proponents believe delay carries its own risks.

“The cost of running society is high,” Gunnleygsdóttir emphasizes. “We must make use of every opportunity available to us.”

As the discussion continues, the question remains whether political consensus can translate into concrete action—and whether the Faroe Islands will seize what some see as a narrowing window of opportunity.

Sí samrøður við Elsebeth M. Gunnleygsdóttir um oljuvinnu á YouTube