Faroe announces significant gas discoveries in Norwegian Sea

The well was drilled by the Deepsea Bergen rig
Odfjell's Deepsea Bergen rig

Aberdeen-based Faroe Petroleum has announced “significant” gas discoveries in the Norwegian Sea.

The UK and Norway-focussed oil explorer has announced the finds at the Hades and Iris prospects in license PL 644 B, operated by OMV and which Faroe holds a 20% stake in.

Recoverable reserves from the Hades prospect are estimated at between 19-113million barrels of oil equivalent (mboe).

Meanwhile, the Iris is estimated to have between 19 and 132mboe.

Faroe holds a 20% stake in the license, which is operated by OMV Norge AS with a 30% stake,

The remainder is held by Statoil (40%) and Spirit Energy (10%).

Both discoveries are approximately 152 miles north-west of the city of Kristiansund.

Data from the discoveries is now being analysed and a follow-up appraisal programme is now being considered by the operator and partners.

The exploration well was drilled by the Deepsea Bergen semi-submersible drilling rig, which will now be plugged and abandoned.

Faroe chief executive Graham Stewart, said: “We are very pleased to announce significant discoveries in both the Hades and Iris prospects; both are well in excess of pre-drill estimates.  These discoveries are located in one of our core areas and build on Faroe’s already significant position in the Norwegian Sea.

“The Hades and Iris prospects, previously known as Aerosmith and Zappa respectively, have been part of Faroe’s portfolio for many years, forming the main part of a successful APA licence application made in 2009. It is extremely gratifying to see both of these prospects delivering significant discoveries, further confirming Faroe’s consistent and industry-leading exploration track record, which has directly and indirectly generated approximately 75% of our 2P reserves.

“Aside from the ongoing Fogelberg appraisal well, results from which are expected shortly, the Company’s  exploration programme continues over the remainder of the year, with three further committed exploration wells in Norway: the Rungne (Faroe-operated), Cassidy and Pabow wells.”