Aberdeen-based Faroe Petroleum has announced a 20% increase in reserves during an operational update for 2018.
Production has restarted at the Tambar field in Norway following the death of a worker.
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.
Faroe Petroleum confirmed it was streamlining its efforts to focus on its "high quality" Brasse discovery.
With exploration drilling at its lowest activity level for decades, Energy Voice was not optimistic about finding many stories about oil discoveries from 2016.
Faroe Petroleum has made an oil discovery in its Brasse licence in the Norwegian North Sea.
Faroe Petroleum has completed the acquisition of Roc Oil which holds a 12% interest in the Enoch and Blane interests in the UK North Sea. The company said the deal, which had an initial consideration of $17million, had now been reduced to $13.7million. The Enoch field is currently suspended but is planned to come back on stream in the second quarter of 2015.
Petrofac has teamed up with Faroe Petroleum and Eni Hewett to establish a cost saving partnership across their UK operations in the Southern North Sea. The tripartite agreement is aimed at driving efficiencies and commercial synergies. Petrofac will share logistics across the Schooner, Hewett and Ketch gas fields to share logistics and accommodation services across the facilities.
Aberdeen-based Faroe Petroleum, the independent oil and gas company, has spudded its latest exploration well on the Blink prospect.
Scottish independent Faroe Petroleum has discovered oil in its North Sea Boomerang exploration well and estimates it could yield as much as 31 million barrels of oil.
Independent exploration company Faroe Petroleum has acquired interests in North Sea assets from Roc Oil in a deal worth up to $20million.
Faroe Petroleum has completed the sale of its share in a North Sea gas field to Total for £10million. The company sold its 10% interest in the undeveloped Glenlivet gas field as it looks to directing its focus on projects elsewhere in Norway and the UK.
Independent oil and gas explorer Faroe Petroleum have been awarded three new licensing options in the Celtic Sea. The award was confirmed by the Irish Minister for Communication, Energy and Natural Resources, Alex White.