Faroe Petroleum Spuds Offshore Well

Published at 08:45AM - 16/08/16

Faroe Petroleum announced today that it has started drilling the Njord North Flank-2 exploration well (NF-2) 6407/7-9 S in the Norwegian Sea.

The well will be drilled using Songa Offshore’s Songa Delta oil drilling rig and results will be announced as soon as drilling operations are completed, the company informed.

“The NF-2 exploration well follows on from the significant Faroe operated Brasse oil and gas discovery well and side-track announced last month,” Faroe Petroleum Chief Executive Officer, Graham Stewart, said.

Faroe Petroleum Spuds Offshore Well 

“I am pleased to announce the spudding of the Njord North Flank-2 exploration well located in the Greater Njord Area, and in close proximity to the Njord field. NF-2 is a near-field exploration target, which provides further upside potential to Faroe in one of our core areas,” Graham added.

“If successful this will add another tie-in opportunity to the Greater Njord Area and the Njord Future Project, which also includes the high quality Snilehorn discovery,” he stated further.

Faroe Petroleum Spuds Offshore Well
Statoil-operated Njord field

The independent oil and gas company owns a 7.5% in the field, operated by Statoil Petroleum (20%) with co-venturers ENGIE E&P Norge (40%), DEA E&P Norge (30%) and VNG Norge (2.5).

The Njord field started producing in 1997 and has been developed with a floating production facility, with oil transported by tankers and gas exported in the Norwegian gas infrastructure in Europe.

Faroe Petroleum Finalises Ula Field Stake Acquisition

Meanwhile, Faroe Petroleum also announced an update on the acquisition of its interest in the Norwegian Ula field, as part of the package of assets the company is to acquire from DONG E&P Norge.

Faroe had conditionally acquired interests from DONG in five Norwegian producing assets earlier in July. This includes a 20% interest in the Ula field and associated production hub infrastructure.

“One of the conditions of the acquisition was a 30-day pre-emption period under which the partner in the Ula field could have acquired the interest. This period has now expired and the company will now proceed towards the completion of the acquisition as planned,” the company informed.