Statoil said it was bringing OMV on board as part of a deal announced originally in August. The Austrian company would also take on a 15 percent stake in two reserve areas on the Norwegian continental shelf.
Statoil said Monday it was still the largest stakeholder in Faroe Islands and has plans to drill two new wells there next year.
Statoil has been operating in the Faroe Islands since 2006. It's one of the largest companies operating offshore Norway. It offered no estimate of the reserve potential of the specific areas included in the OMV deal.
Faroe Islands may be considered frontier territory with little or no oil and gas production reported to date. Norway is Europe's largest oil producer and one of the largest in terms of natural gas.
OMV last week said it completed a $2.65 billion transaction to take over North Sea oil and gas production areas from Statoil.
Both companies agreed to withhold the financial terms of the Faroe Islands and Norwegian deals.