Introduction and review

Abstract

Exploration in the Faeroe-Shetlands Basin has seen a roller-coaster ride of expectation since the last conference on the ‘Petroleum Geology of northwest Europe’ in 1992 (Parker 1993). Initial euphoria and intense industry interest followed the discovery of the Foinaven and Schiehallion fields, in 1992 and 1993, respectively. The excitement of the 16th Round awards in 1995, had given way to a more realistic mood following the generally disappointing results of the post-16th Round drilling and the lack of success in extending the Palaeogene play away from the BP/Shell discoveries in the Foinaven Sub-basin (the Foinaven, Schiehallion, Loyal, Foinaven East and Suilven fields). This sombre mood was tempered by the expectation of rich pickings in the unlicensed White Zone, and the more immediate attractions of UK out-of-round licensing north of the Schiehallion Field and in the First Faeroese Licence Round. Consequently the papers in the session were guardedly optimistic in tone, and, although significant information was shared, this was clearly done in the context of a competitive environment. In contrast to the other Atlantic margin session, ‘offshore Norway to offshore Ireland’, which, as one commentator put it, ‘was held in the big hall to allow room for the arm-waving’, most of the Faeroe-Shetland papers gave solid technical information, but discussion was clearly limited by the pending licensing opportunities. Dean et al attempt the daunting task of updating the regional development of the basin in the light of the recent drilling activity. They emphasize the role of the ductile Late Cretaceous shales as a diffuser of strain, the polyphase nature of the Cretaceous rifting events and the rift-associated uplift of the Paleocene events. . .