Faroe Snaps Up Second License in Barents Sea

Faroe received the single largest license awarded within the Barents Sea in the 21st Norwegian License Round by the Norwegian Ministry of Petroleum and Energy. Partners in the license include Wintershall (operator, 40%), Faroe Petroleum (40%), and Petoro (20%).

The new license covers an area of about 518,921 acres (2,100 square kilometers) and is located within Blocks 7223/3, 7223/6 and 7224/1, 2, 3, 4 & 5. The license contains the Kvalross prospect, consisting of a wedge of clinoforms contained within a large structural closure. The license work program involves the acquisition of 3D seismic data, with a decision to drill to be taken within three years.  

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