The integration of seismic interpretations with gravity and magnetic 2-D modeling — An example from the offshore Faroes area

The Faroe-Shetland Basin, on the Northwest European Atlantic Margin, is one of the last frontier basins in the area (Figure 1). In recent years, the basin’s southeastern flank, which lies in U.K. waters, has attracted much attention primarily because of the Foinaven and Schiehallion Paleocene oil discoveries that have an estimated 500 and 350 million bls of reserves, respectively. The northwestern flank of the basin, which lies in Faroese waters, has remained a totally unexplored area. This is partially due to the presence of an unknown thickness of basalt that covers the islands and the offshore area.