Faroe Petroleum bags five exploration licenses

Faroe Petroleum chief executive Graham Stewart
Faroe Petroleum chief executive Graham Stewart

Faroe Petroleum has been awarded five exploration licenses on the Norwegian Continental Shelf.

Three of the licenses are in the Norwegian Sea and two are in the Norwegian North Sea.

Graham Stewart, chief executive, said: “These new awards enhance our licence portfolio, which is one of the largest on the Norwegian Continental Shelf.

“Despite the challenges of a low oil price, Faroe remains robust due to its strong, largely unleveraged balance sheet, profitable cash flow from a balanced production portfolio and modest capital commitments. This strength, in combination with Norway’s progressive and highly successful fiscal incentivisation, ensures Faroe is well placed to continue to grow its position in Norway as a key part of our value creating strategy.”

The independent oil and gas firm landed the licenses under the 2014 Norwegian APA license round.

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