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.


View Full Article

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


Click on the button below to add a comment.
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
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Well Monitoring Specialist
Expertise: WellSite Supervisor
Location: Houston, TX
Chief Mechanic (6th Gen Drillship)(Contract)
Expertise: Rig Mechanic
Location: Houma, LA
ET (Deepwater Drillship)
Expertise: Rig Electrician
Location: Houma, LA
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours