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
 - Norway's Aker Solutions to Take $211M Writedown (Jul 11)
 - Total CEO: Too Early to Call Kurdistan an Oil El Dorado (Jul 8)
 - Saudi Gas Development Plans Hit Hurdle as Shell Shelves Project (Jul 7)
 Company: OMVmore info
 - OMV Finds New Black Sea Oil off Romania (Jul 16)
 - UAE's Dana Gas Says Wins Right to Some Payments from Iraqi Kurdistan (Jul 13)
 - OMV's Small Find Boosts Hopes For More Arctic Oil (Jul 3)
 Company: Edisonmore info
 - Italy's Edison In Talks To Buy Two Israeli Gas Fields (Mar 12)
 - Italy's Edison In Talks To Buy Two Israeli Gas Fields (Mar 6)
 - Egypt Signs Oil, Gas Exploration Deals Dana, Edison, Petroceltic (Feb 13)
 Company: Centrica PLCmore info
 - Butch South West Well Spuds (Jun 2)
 - Centrica, Qatar JV Buys Canadian Gas Assets from Shell (May 15)
 - Centrica Drills Two Dry Wells in North Sea (May 14)
 Company: Det norske oljeselskap ASAmore info
 - Det Norske Sees 2Q Production Halve (Jul 17)
 - Norway's Det Norske Revises, Widens 1Q Operating Loss (Jul 9)
 - Det Norske, E.ON Swap Offshore Norway Assets (Jun 26)
 Company: Faroe Petroleummore info
 - Butch South West Well Spuds (Jun 2)
 - Centrica Comes up Dry at Butch East Well (May 12)
 - Faroe Buys North Sea Assets from Tullow (Apr 30)
 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 Oil, Gas Firms Hold Off on I... (Jul 18)
 -  Shell Employees on Doomed Malaysian Fl... (Jul 18)
 -  Hancock Takes Over UK Junior Energy Mi... (Jul 15)
 -  South Africa Edges Closer to Karoo Sha... (Jul 8)
 -  Fiscal, Regulatory Change an 'Absolute... (Jul 7)
Most Popular Articles
From the Career Center
Jobs that may interest you
Project Controls Analyst
Expertise: Contracts Engineer, Project Management, Technical Writing
Location: Denver, CO
 
Business Development Representative
Expertise: Business Development
Location: TX
 
Senior Subsea Hardware/Equipment Engineer
Expertise: Subsea Engineering
Location: Houston, TX
 
search for more jobs