UK independent Faroe Petroleum (FP) has entered its second farm-out agreement this year with a Japanese company.
Offshore staff
ABERDEEN, UK --UK independent Faroe Petroleum (FP) has entered its second farm-out agreement this year with a Japanese company.
Itochu subsidiary Cieco will take half FP's 25% stake in the Eni-operated Anne Marie 005 licenses offshore the Faroe Islands. The agreement will reduce FP's cost exposure relating to an exploratory well in the acreage, due to be drilled before next July 9.
In the UK sector, FP also has granted Cieco an option to farm into 2.5% of the Shell-operated P.1192 license on the Corona Ridge, near Chevron's Rosebank/Lochnagar discovery. The partners are considering drilling a well on the Cardhu prospect in the license.
Earlier this year, FP farmed out interests in four West of Shetland licenses, including Cardhu, to Idemitsu E&P UK.
