More drilling on tap for North Sea

Faroe Petroleum gets consent to drill two new appraisal wells off the coast of Norway.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   May 18, 2017 at 7:06 AM
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May 18 (UPI) -- The Norwegian government said it gave its consent for the drilling of more appraisal wells to see what's east of a producing field in the North Sea.

The Petroleum Safety Authority of Norway said it signed off on plans submitted by the regional subsidiary of Faroe Petroleum to drill at a discovery east of the Oseberg field in the North Sea.

"Faroe has made a discovery named Brasse in well 31/7-1, and now wishes to drill two appraisal wells designated 31/7-2 and 31/7-3," the regulator announced.

Faroe declared a series of successes last year at its Brasse prospect. The presence of oil and gas was confirmed during earlier drilling campaigns. Reservoirs near the vicinity of the Brasse prospect were producing around 20,000 barrels of oil equivalent per day last year.

Faroe reported net average production of 17,395 barrels of oil equivalent per day last year, a gain of nearly 7,000 barrels from the previous year. Total revenue of $122.6 million was down 16 percent.

Norway is one of the leading oil and natural gas exporters to the European market, apart from Russia, and most of what the country produces offshore is designated for exports.

The government has yet to issue production figures for April. A preliminary estimate of March volumes showed a production rate of 1.7 million barrels of oil per day, which was 8 percent higher year-over-year and 1.6 percent greater than expected. Total gas production was also slightly above last year's figures.

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