Atlantic Petroleum

Oil & Gas

Atlantic heads back to profit

Atlantic Petroleum, a Faroese oil and gas exploration and production firm with interests in UK, Irish and Norwegian waters, said yesterday it was heading back to profitability after losses in 2016.

North Sea

Struggling Atlantic Petroleum to exit from North Sea

A Faroese oil and gas explorer which has struggled under the weight of low oil prices plans to offload its entire UK North Sea portfolio. Atlantic Petroleum chief executive Ben Arabo said yesterday that while the basin is “not dead”, the company sees better opportunities further afield. Mr Arabo said the firm would switch its attention to projects in Eastern Europe and Eurasia, adding that a newly-agreed loan facility would keep the business afloat.