Faroe Petroleum lining up Faroese, Shetland drilling targets

Offshore staff

ABERDEEN, UK – Faroe Petroleum has been awarded a new prospecting license by the Faroe Island government.

The company has already started its work program and will perform extensive technical analysis and screening, with the aim of identifying new exploration prospects.

Faroe participated in the islands’ first offshore licensing round in 2000, winning shares in two permits with Eni.

In recent years the main favored play has been large sub-basalt structures, a strategy Statoil and ExxonMobil are pursuing for their planned deepwater well this year on the Brugdan Deep prospect.

Faroe says it has built up its own unique geological and geophysical data base in the region, and has now secured access to the database of Jarðfeingi, the Faroese Oil & Gas Authority.

In adjacent UK waters west of Shetland, Faroe operates license P1853 containing the potentially giant Grouse structural prospect on the North Corona Ridge, in what the company labels “an exciting new exploration play” above the basalt layers. Faroe plans to commission an electromagnetic survey to reduce risks ahead of a drilling decision.

Farther south in a relatively unexplored play west of BP’s Clair field, Faroe operates P1839 which includes the Aileen prospect, another potential drilling candidate. The nearby Edradour discovery drilled by Total in 2010 is in a similar geological play.

Faroe is a partner in the Glenlivet discovery, where planning is under way for concept selection and submission of a field development plan. Glenlivet could be tied into the new west of Shetland gas gathering pipeline system that Total is installing for the Laggan and Tormore gas field development.

The company is also a participant in the Tornado discovery, which has gas and an oil rim in a good-quality reservoir. Due to its location in deeper water, and being further offshore than Glenlivet, timing of this development project will likely coincide with the installation of new gas infrastructure in the area.

Also in the Southern Gas basin, the operator of the Orca field (Faroe 3.2%) has submitted a FDP and first gas is expected in 2014.

In the northern Norwegian North Sea, Faroe is a partner in the Statoil-operated Brage field which came onstream in 1993. Here output was above expectations last year due to strong performance of new infill wells. Drilling will continue in 2012, supported by a new 4D seismic survey to firm up further in‐fill well targets.

The same applies to ExxonMobil’s Ringhorne East (Faroe 7.8%) area, in the center of the Norwegian North Sea, which started production in 2006. Two new infill wells are planned this year to generate new production capacity, supported by recently acquired 4D seismic.

3/27/2012

Related Articles

Schlumberger to support Mariner well operations

Dec 19, 2014

Statoil has contracted Schlumberger Oilfield UK to provide integrated drilling and well services on the Mariner field in the UK northern North Sea.

Statoil finds more oil in Krafla area offshore Norway

Dec 19, 2014

Statoil has proved more oil near the Krafla structure in the Norwegian North Sea, according to partner Det norske oljeselskap.

Valhall quarters platform extension turned down

Dec 19, 2014

Petroleum Safety Authority Norway (PSA) has rejected BP’s request to extend the operating life of the Valhall field quarters platform (QP) in the North Sea until Dec. 31, 2017.

North Sea Huntington back online

Dec 19, 2014

Noreco says the partner in the Huntington field in the UK central North Sea has been granted temporary approval to resume production at a restricted rate and the field is back onstream.

Gazprom entry to North Sea shelved

Dec 19, 2014

BASF and Gazprom have cancelled a planned asset swap in Europe, which was due to go through at the end of the year.

Trending News

UK, Norway could benefit from falling costs, analyst claims

May 27, 2015

Wood Mackenzie expects capital and operating costs in the UK and Norway’s upstream sectors to decrease steadily this year in response to lower oil prices.

Petronas starts production from Bukit Tua offshore Indonesia

May 27, 2015

Petronas has delivered first oil achieved from the Bukit Tua field development in the Ketapang block, 110 km (68 mi) offshore East Java.

Total reaches production milestone offshore Angola

May 27, 2015

Total has produced its two-billionth barrel from its operated deepwater block 17, 150 km (93 mi) offshore Angola.

Gudrun leak a serious threat to platform crew, report finds

May 27, 2015

Statoil has outlined the conclusions of its investigation into a condensate leak earlier this year on the Gudrun platform in the Norwegian North Sea.

CNOOC discovers oil in the eastern South China Sea

May 27, 2015

CNOOC Ltd. has made a mid-sized discovery on the Liuhua 20-2 structure in the eastern South China Sea.

  Offshore
Digital Magazine
Look Inside
Cover
Current Issue

Oil & Gas Jobs

Search More Job Listings >>