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Faroe Islands hands out offshore awards

June 26, 2013 at 6:51 AM   |   Comments

FREDERICIA, Denmark, June 26 (UPI) -- Denmark's DONG Energy said it was given the go-ahead to serve as the operator of energy developments off the coast of the Faroe Islands.

DONG, controlled by the Danish government, said it secured awards for 6 blocks from the Faroese government during its latest license round for offshore work. The company said the reserve areas are west of British fields already in production.

DONG said the award positions it as a leader in terms of offshore development in the western Shetland region, which the company says is an area with high prospects.

"This award is a result of our long-term exploration strategy, where the Atlantic Margin plays an important role for future growth," exploration director Jan Terje Edvardsen said in a statement Tuesday. "Based on our continued exploration efforts we have a leading position in this region."

The company gave no indication of reserve expectations. It said it was upbeat, however, given the proximity to existing fields. Seismic research of the region would "unravel the prospectivity" of the area in the coming years, DONG said.

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