Faroe Petroleum enters Norway's waters

March 1, 2013 at 6:48 AM
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LONDON, March 1 (UPI) -- British energy company Faroe Petroleum said it was preparing for new work in Norwegian waters after taking on more assets in the region.

Faroe said it acquired a 25 percent stake in the Pil prospect in the Norwegian Sea and a 50 percent stake in the Lowlander discovery in the British waters of the central North Sea.

Pil is near fields in the Norwegian Sea that are already in production. Faroe acquired the stake from VNG and has plans to drill in the area in the first half of next year.

The acquisition follows a revision of the offshore reserve potential from the Norwegian government. The Norwegian Petroleum Directorate said it suspected there were more reserves than expected in the region, though a determination can't be made until drillers enter the region.

"This is good news for Norway," said Norwegian Energy Minister Ola Borten Moe. "These increased resources represent a vast asset for the Norwegian society."

Faroe added that it entered into an agreement with Talisman Sinopec for work in the Lowlander oil discover in the British waters of the North Sea. The field was discovered in 1987 by former company Texaco. Faroe provided no indications of reserve potential.

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