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SUPPLY
The Faeroes has no production but, lying adjacent to the
UK West of Shetlands province, it has the potential for medium-sized oil
fields and is now being explored. It is forecast that production will
begin in 2013 rising through to 2020 although delays are very possible.
No gas production is forecast in the period and the Faeroes has no
onshore potential.
DEMAND
With its small population the Faeroes consumes very
little oil and no gas. It will be a net exporter of oil once it starts
to produce.
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