Faroe stepping up exploration of North Sea Brasse area

Faroe Petroleum may drill two back-to-back appraisal wells this year on its Brasse oil and gas discovery in the Norwegian North Sea.

Offshore staff

ABERDEEN, UKFaroe Petroleum may drill two back-to-back appraisal wells this year on its Brasse oil and gas discovery in the Norwegian North Sea.

The company is looking to firm up reserves, currently estimated at 28-54 MMbbl of oil and 89-158 bcf of gas.

Brasse has a range of tieback options, with the Brage field platform (Faroe 14.3%), 13 km (8 mi) to the north, and a similar distance to the Oseberg Sør and Oseberg platforms to the west.

Faroe is drawing up a list of further drilling candidates for late 2017 or early 2018, including a potential well on its newly-awarded Brasse extension license, another on the Aerosmith license in the Norwegian Sea, and on the Goanna license in the North Sea.

Last July, Faroe also secured a 100% interest in licensing option 16/23 in the Slyne/Erris basin offshore northwest Ireland, 15 km (9.3 mi) east of the Shell-operatedCorrib gas field.

It has now executed a farm-out agreement, under which Nexen (subject to regulatory consent) will take an 80% operated stake in the license in return for covering costs of the associated work program, which may include seismic data acquisition and drilling of an exploration well.

03/21/2017

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