Faroe awarded first license in southern Barents Sea

Faroe Petroleum has been awarded its first license in the southern part of the Norwegian Barents Sea.

Offshore staff

ABERDEEN, UK -- Faroe Petroleum has been awarded its first license in the southern part of the Norwegian Barents Sea. The new license, secured in the 20th Norwegian Licensing Round, covers approximately 900 sq km (347 sq mi) and is located within blocks 7224/7, 8, and 11.

Considerable prospectivity has been identified in several stratigraphic levels ranging from the Upper Triassic through to the Permian, and the license contains the Samson Dome large structural feature, the company reports. The crest of the dome was drilled in 1988 by well 7224/7-1, which encountered hydrocarbon shows. The Zealand prospect is a structural/stratigraphic trap located down-dip from this well, on the flank of the dome, where a wedge of clinoforms has been identified contained within a large structural closure. The license area is adjacent to the recent discoveries in wells 7222/6-1, 7222/11-1, and 7224/6-1, all operated by Statoil.

The new license partners are Faroe Petroleum (20%), together with BG (40% and operator), Statoil (20%), and Wintershall (20%). The license work program involves the acquisition of 3D seismic data over the area. A decision to drill will be made within three years, the companies say.

05/05/2009

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