UK Firms Faroe and Valiant Bag 8 Licenses in Norway

• 

• 

• 

• 

• 
• Digg It
• Stumble it!
• Newsvine
• Del.icio.us
• Technorati
• Reddit
• Facebook

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.

Your comments have been received and will be posted after being reviewed. If you have any questions, please feel free to contact us.

Company: Total S.A.	more info
- Qatar Petroleum Takes 15% Stake in Total E&P Congo (May 22)  - Total Production to Increase 3% PA to 2015 (May 17)  - Statoil, Total Agree to Barents Sea Asset Swap (May 13)

Company: OMV	more info
- OMV Petrom to Redevelop Oprisenesti Field (May 17)  - OMV Improves 1Q Production (May 14)  - Nabucco to Make Binding Bid for Shah Deniz Field Soon (Apr 12)

Company: Edison	more info
- Petroceltic Awarded Two Egyptian Blocks (Apr 19)  - Falkland Oil and Gas Farms Out Licenses to Edison (Jun 26)  - UK Firms Faroe and Valiant Bag 8 Licenses in Norway (Jan 18)

Company: Centrica PLC	more info
- Centrica Reports Good Performance from Upstream Activities (May 13)  - Centrica, Qatar Petroleum to Buy Suncor Gas, Oil Assets (Apr 15)  - Rhyl Field Start-Up Secures 400 UK Jobs (Apr 2)

Company: Det norske oljeselskap ASA	more info
- Det norske Starts Production at Jette (May 21)  - Johan Sverdrup Appraisal Well Finds Oil (Apr 9)  - Lundin North Sea Well Comes Up Dry (Feb 28)

Company: Faroe Petroleum	more info
- New CFO for Faroe Petroleum (May 10)  - Repsol's Darwin Well Comes Up Dry (Apr 8)  - BP Finds Gas Condensate at North Uist (Apr 5)

Company: Norwegian Energy Company (NORECO)	more info
- Lupin Well Comes up Dry (Apr 22)  - Huntington Field Starts Production (Apr 15)  - Scotney Well Comes Up Dry (Apr 12)

Company: Valiant Petroleum	more 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 ASA	more 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)