Faroe to Drill 3 Exploration Wells in 2016 despite Oil Price
Northwest Europe-focused junior explorer Faroe Petroleum confirmed Friday that it will be involved in three exploration wells offshore Norway in spite of the low oil price. The firm also expects to see progress with a number of North Sea field development projects this year.
In an operational update, Faroe said that the Barents Sea-located Kvalross well, where drilling started on January 11, is progressing according to plan. Results from the Wintershall-operated well are expected by the end of this quarter. In the Norwegian North Sea, an exploration well on the Brasse prospect (where Faroe is the operator with a 50-percent interest) is planned for the summer of 2016. Faroe has secured the Transocean Arctic (mid-water semisub) rig for this operation.
Meanwhile, Faroe said that the Njord partnership, led by operator Statoil, is planning to drill a new prospect on the North Flank of the Njord field during the second half of 2016.
Faroe said that it is continuing to build its portfolio of exploration licenses organically. Active participation in licensing rounds across core areas “has proven to be a highly-successful and cost-effective strategy” for the company, it said. The firm was recently awarded a further six new prospective exploration licenses, including two operatorships, under the 2015 Norwegian APA licensing round.
In terms of development projects, Faroe said the Njord Future Project is progressing to plan, with a final investment decision expected during the fourth quarter of this year. If the decision is made to go ahead, the project will start production in 2019.
Faroe also reported that the Butch oilfield’s FEED (front-end engineering and design) project is progressing to plan. The field, which is planned as a tie-back to the BP-operated Ula oilfield, will see its final investment decision and field development plan submission occur in 4Q 2016.
In addition, Faroe expects to see work continue to mature the Pil, Bue and Boomerang discoveries towards development.
12
View Full Article
WHAT DO YOU THINK?
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.
- ITEM Club: More Jobs Losses Expected in NE Scotland due to Oil Slump
- Shell Q&A: What Makes an Ideal Employer in Oil, Gas?
- Shell Takes First Place in Rigzone's Inaugural Ideal Employer Survey
- UK Government 'Must Recommit' to Oil, Gas Sector in Autumn Statement
- UK Government Gives Go-Ahead for Fracking in NW England
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- North America Enters Rig Loss Streak
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension