Licence

Faroe Petroleum has secured five new prospective exploration licences in Norway’s 2014 licensing round.

Three of the licences surround the company’s existing Pil and Bue discoveries in the Norwegian Sea, while the other two are in the Norwegian North Sea, including one licence that will be operated by Faroe.

Faroe will have a 20% interest in the PL793 Portrush licence and will partner Norkse Shell, which will operate the licence with a 40% stake.

Petoro and Verbundnetz Gas (VNG) will each own 20% interests in the licence.

Faroe also secured a 20% interest in the PL794 Rosapenna licence, which Statoil will operate with a 40% stake, while E.ON Ruhrgas and VNG will each hold 20% interests.

Faroe will hold a 50% interest in the PL792 Slynge licence, with Centrica operating the project and holding the remaining stake.

In the Norwegian North Sea, Faroe will hold a 20% interest in the PL627B Shango extension licence.

Total will hold a 40% stake and operate the PL627B licence, while Centrica Norge and Set Norske will each own 20% interests.

"These new awards enhance our licence portfolio, which is one of the largest on the Norwegian Continental Shelf."

The PL676BS Firklover extension licence will be operated by Faroe, which will hold a 40% interest in the site.

Total Exploration and Production Norge and Petoro will each hold 20% stakes in the Firklover extension licence, while E.ON Ruhrgas and Det Norske Oljeselskap will own 10% interests.

Faroe Petroleum chief executive Graham Stewart said: "These new awards enhance our licence portfolio, which is one of the largest on the Norwegian Continental Shelf.

"The new licences and licence extensions add exciting potential to the company in Norway and further boost our already significant position in the highly prospective area surrounding our Pil and Bue discoveries."


Image: Faroe Petroleum secured five exploration licences in Norway’s 2014 licensing round. Photo: courtesy of Faroe Petroleum.