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Further Barents acreage for Faroe

Further Barents acreage for Faroe
Aberdeen oil and gas firm Faroe Petroleum said yesterday it had gained its second licence in the Norwegian Barents Sea.

Aberdeen oil and gas firm Faroe Petroleum said yesterday it had gained its second licence in the Norwegian Barents Sea.

The firm’s new acreage covers an area of about 810 square miles, within blocks 7223/3, 6 and 7224/1, 2, 3, 4 and 5, to the east of Statoil’s recent Skrugard discovery.

Faroe has a 40% stake, with operator Wintershall, of Germany, also holding 40%. Norway’s state-owned Petoro has the remaining 20%.

Faroe said a decision on whether to drill would be made within three years, after Norway’s ministry of petroleum and energy announced the results of its 21st licensing round.

Faroe got its first licence in the Barents Sea in the previous round.

Graham Stewart, the company’s chief executive, said: “Since then, our team has continued its efforts to identify new high quality exploration prospects in the Barents Sea, and we are, therefore, delighted to have been awarded our second prestigious licence in the highly competitive 21st licensing round.

“Our team has considerable experience in the Barents Sea, which is becoming an increasingly important oil province.”

He said the interests in the Barents complemented the firm’s strategic position west of Shetland and near Faroe, and secured “further highly prospective exploration acreage” for the company.

Mr Stewart added: “Of the 17 wells in the company’s exciting, fully funded 2011 to 2013 drilling programme, 13 are planned to be drilled in Norway, clearly demonstrating Faroe’s continuing commitment to create further value in Norway.”

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