Faroe Petroleum Acquires Interest in Blane Oilfield

18 May 2011 (Last Updated May 18th, 2011 18:30)

Faroe Petroleum has bought an 18% stake in the Blane oilfield from ENI UK and ENI ULX. The field is located in P111 block 30 / 3a in the UK North Sea, extending into the Norwegian sector. Faroe Petroleum paid £60m ($97.6m) for the share. Faroe Petroleum CEO Graham

Faroe Petroleum has bought an 18% stake in the Blane oilfield from ENI UK and ENI ULX.

The field is located in P111 block 30 / 3a in the UK North Sea, extending into the Norwegian sector.

Faroe Petroleum paid £60m ($97.6m) for the share.

Faroe Petroleum CEO Graham Stewart said the transaction, which adds approximately 1,900 barrels of oil equivalent per day to Faroe’s production, is in line with the company’s strategy to grow and strengthen the production base towards funding the ongoing exploration programme.