ABERDEEN, UK – Faroe Petroleum has issued an update on its Fulla/Freya discoveries west of Shetland.
Earlier this year the company found oil in well 206/5a-3 on the Fulla prospect, adjoining the existing Freya find in license P.1161, where Faroe has a 50% operating interest.
Analysis of data obtained from the well suggests that oil quality was toward the upper end of expectations; however, volumes were below pre-drill estimates.
Fulla contains 19° API crude, with a gas-oil ratio of 360 cf/bbl and an oil viscosity at reservoir conditions in the range 5-6 cP.
These results indicate similarities to the crude in the giant BP-operated Clair field, 31 km (19 mi) to the south west.
The most likely figure for in-place oil is166 MMbbl, with recovery potential in the range 15-25%. Much of this volume is within the Freya structure.
Faroe plans to acquire 3D seismic over the license with the aim of optimizing placement of future production wells. It will also make a start on maturing development solutions and reserve estimates.