Suncor agrees to farm-in terms to Fenja project offshore mid-Norway

Faroe Petroleum has arranged to sell a 17.5% stake in the Fenja development in license PL586 in the Norwegian Sea to Suncor Energy for $54.5 million.

Offshore staff

ABERDEEN, UK – Faroe Petroleum has arranged to sell a 17.5% stake in the Fenja development in license PL586 in the Norwegian Sea to Suncor Energy for $54.5 million.

Assuming approval from the partners and regulatory authorities, Faroe will retain 7.5% in Fenja, aligning the company’s 7.5% equity across the Greater Njord Area (the Njord, Fenja, Bauge, and Hyme field developments).

Fenja operator VNG has applied to tieback the field through the redeveloped Njord production facilities. VNG estimates recoverable reserves at around 97 MMboe, of which 72% is oil.

02/12/2018

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