Faroe Islands (Photo: Magdalena - Arctic Portal)The Faroe Islands are certainly small, but their force is growing. They have big ideas for the future, contrasting the few number of 50.000 inhabitants, both regarding oil and shipping.

Next week a Chinese delegation will visit the islands with the view of cooperation regarding a large hub-port. Minister Johan Dahl confirmed this and says that they will also speak about the potential oil and gas exploring in their EEZ.

"I want to talk to them about a potential hub-port," Dahl confirmed. Iceland has also looked at the possibility of a hub-port and other locations are also under consideration for Arctic shipping.

Next week the drill Cosl Pioneer will make shore in the Faroes. He will drill down to 5km, the deepest ever in the history of the islands.

Oil companies have explored the area and remain hopeful that the black gold can make the Faroese nation one of the wealthiest ones in the world. At least per capital.

Three companies are behind the project, Statoil has 50% of the rights, ExxonMobil from the USA has 49% and Atlantic Petrolium from the Faroes has 1%.

The area is called Brugdan 2 and south-west of the Faroe Islands.