DONG Acquires Stake in License Offshore Faroes Island

DONG and Phillips Petroleum Company have signed an agreement establishing that DONG acquires Phillips' 20%-share of exploration licence F006 on Faroese shelf. After the takeover, the F006 licence group comprises Statoil 27.5% (operator), Anardarko Faroes 27.5%, DONG 20%, Enterprise Oil 15% and Veba Oil 10%.

The takeover of Phillips' share is in line with DONG's strategy to expand the company's involvement in the 'West of Shetland' area, where DONG currently participates in one license on Faroese shelf (F001, Marjun), where a discovery was made last year, and three licenses on British shelf (P1027, P1028 and P1029).

An assessment drilling is presently conducted in licence P1029 close to the border of Faroese shelf. The drilling is to clarify whether the discovery made at the Marjun licence on Faroese territory is stretching across British shelf.