ABERDEEN, UK – Faroe Petroleum has agreed to acquire from North Sea Ventures a 50% interest in the Lowlander oil discovery in UK central North Sea block 14/20c.
Assuming approval from the UK government, Faroe will then have a 100% operated interest. The company acquired its current stake from Talisman Sinopec in February.
Both fields have been fully appraised via a total of nine wells, with estimated in-place oil of 270 MMbbl, of which 62 MMbbl could be recoverable. Of these, 22 MMbbl are attributable to Lowlander.
Potentially, the new FPSO-based facilities could serve as a hub for any other analogous accumulations discovered in the area.