Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

UK Firms Faroe and Valiant Bag 8 Licenses in Norway

change text size

UK-based oil explorers Faroe Petroleum and Valiant Petroleum announced details Wednesday of the licenses they have been awarded in the 2011 Norwegian APA License Round.

Faroe reported Wednesday that it was awarded rights to seven new prospective license areas on the Norwegian Continental Shelf.
 
These included two licenses in the Norwegian Sea: License PL645, known as 'Novus', where Faroe Petroeum will be the operator and own 50 percent of the license (Centrica and Skagen 44 holding 40 percent and 10 percent respectively); and License PL644, known as 'Aerosmith', where OMV will be the operator with 30 percent of  the license and Faroe will hold 20 percent.
 
In the Northern North Sea, Faroe will hold 20 percent in each of the PL414B ('Oksen'), PL627 ('Shango') and PL629 ('Darling') licenses, in which a number of other companies – including Bayerngas, Bridge Energy, Centrica, Concedo, Det Norske, Noreco and Total – also have interests.
 
In the Egersund Basin of the North Sea, Faroe will be the operator on two licenses: License PL621 ('Epsilon'), where it will hold 75 percent with Noreco holding the remaining 25 percent; and License PL620 ('Lola'), where it will hold 50 percent and Noreco and Edison will hold 25 percent respectively.
 
"Faroe Petroleum is very pleased to have been awarded seven prospective exploration licenses in the 2011 Norwegian APA licensing round," said Faroe's chief executive Graham Stewart.  "Winning these licenses in such a highly competitive round is real testament to the skills and creativity of the technical team we have in place and the continuing success we have delivered with the drill bit across our Norwegian license areas."
 
London-based investment bank Westhouse Securities commented, "Faroe Petroleum appears to have done particularly well in this latest APA license award and, as a result, now possesses a material footprint on the [Norwegian Continental Shelf] and an exploration inventory to match some of the oil majors in the province."
 
Also on Wednesday, fellow UK-based firm Valiant announced that its subsidiary Valiant Petroleum Norge was awarded the operatorship and a 50-percent interest in License PL617 (Block 2/9 on the Norwegian Continental Shelf), with other partners in the license being Premier Oil Norge (35 percent) and Bridge Energy Norge (15 percent). Valiant said that the work commitment includes the purchase of existing 3D seismic and a drill or drop decision on the block within two years.
 
"Valiant is extremely pleased to have been awarded its first operated block in Norway following entry into the country less than six months ago. We look forward to working together with our partners to firm up the prospects identified on the block," said Valiant chief executive officer Peter Buchanan.



A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
 Company: Total S.A.more info
 - Prosecutor: Total Faces French Trial over Iran Contracts (Nov 25)
 - Official: Indonesia Favors Pertamina to Operate Mahakam Block After 2017 (Nov 21)
 - Exxon Mobil in Final Talks with Ivory Coast Over Two Oil Blocks (Nov 21)
 Company: OMVmore info
 - Central European Oil Firms See 3Q Profit Boost (Nov 6)
 - OMV Posts Higher 3Q Output Helped by Libya, Norway (Oct 20)
 - OMV CEO Roiss To Go In Mid-2015 In Management Revamp (Oct 14)
 Company: Edisonmore info
 - Pingvin Well Finds Gas in Barents Sea (Sep 19)
 - Falkland Oil and Gas Makes Progress Ahead of 2015 Drilling Campaign (Sep 16)
 - Italy's Edison In Talks To Buy Two Israeli Gas Fields (Mar 12)
 Company: Centrica PLCmore info
 - Centrica Continues Boardroom Reshuffle with New British Gas Head (Oct 31)
 - Serica Energy Completes Farm Out of Doyle Gas Prospect (Aug 5)
 - Centrica 1H Profits Fall 35% On Weather Woes (Jul 31)
 Company: Det norske oljeselskap ASAmore info


 - Det Norske Completes Marathon Oil Norge Acquisition (Oct 16)
 - 100M Barrels Produced from Varg Field (Oct 13)
 - Norway Government to Outline Sverdrup Project Plan in Early 2015 (Sep 22)
 Company: Faroe Petroleummore info
 - Faroe Completes Sale of Glenlivet Stake (Nov 25)
 - Faroe, Enegi Pick up Licenses in 28th UK Round (Nov 7)
 - Faroe Completes Acquisition of Schooner and Ketch Fields (Oct 10)
 Company: Norwegian Energy Company (NORECO)more info
 - Noreco Drills Dry Well North of the Norne Field (Jun 6)
 - E.ON's Huntington Field Output Limited by Access to Pipeline (Oct 21)
 - E.ON's Huntington Oil Field in N.Sea Resumes Output Partner (Aug 22)
 Company: Valiant Petroleummore info
 - Valiant Farms out Handcross Prospect (Mar 28)
 - Valiant Farms out Isabella Prospect to Maersk (Mar 8)
 - Ithaca Makes Takeover Offer for Valiant Petroleum (Mar 1)
 Company: Concedo ASAmore info
 - UK Firms Faroe and Valiant Bag 8 Licenses in Norway (Jan 18)
 - Gygrid Oil Discovery Could Extend Njord's Commercial Life (Jun 11)
 - Det Norske Spuds Struten Prospect in Norwegian Sea (Jun 9)

More from this Author
Jon Mainwaring
European Editor | Rigzone.com
 -  North Sea Industry Calls for Tax Refor... (Nov 25)
 -  Gaza Marine Development Could Help Del... (Nov 23)
 -  Israel Must Improve 'Erratic and Uncle... (Nov 20)
 -  Proven Technologies Will be Key to Isr... (Nov 18)
 -  North Sea Independents Report Solid Pr... (Nov 13)
Most Popular Articles
From the Career Center
Jobs that may interest you
Project Manager / Upstream Projects / Consultancy / Contract
Expertise: Field Development, Project Management
Location: Houston, TX
 
Strategic Account Manager
Expertise: Business Development
Location: Houston, TX
 
Vice President Regional Business Development
Expertise: Business Development, Sales and Marketing, Technical Sales
Location: Houston, TX
 
search for more jobs