Faroe: Preparing for the post oil era

Shetland and neighbouring Faroe Islands are both to spend oil revenues to create an economy eventually independent of oil.

Opening the Energy from the Edge symposium in Lerwick yesterday morning, the Faroese prime minister Joannes Eidesgaard announced that his country would spend at least 10 per cent of its oil revenues to stimulate research to become less reliant of fossil fuels.
The difference is that Shetland has already earned hundreds of millions of pounds from its close relationship with the oil industry while Faroe has not made any significant oil discovery in its territorial waters.

In fact, Faroe Petroleum has only this month received its first ever production income;