Faroe lands new licence in Norwegian Barents Sea

Oil and gas explorer Faroe Petroleum has been awarded a share in a new licence in the Norwegian Barents Sea.

The Aberdeen-based firm said the licence contains the Dazzler prospect, about 55 miles north-west of the recent Havis and Skrugard oil discoveries.

Faroe has a 20 per cent stake in the licence, PL716, while operator Eni Norway has 40 per cent and fellow partners Bayerngas and Petoro each hold 20 per cent.

Chief executive Graham Stewart said the award would enhance the group’s strategic position in the Barents Sea, where it recently vowed to press ahead with further evaluation work despite declaring its Darwin exploration well as dry.

He added: “This licence delivers a further well to our high-impact Norwegian drilling campaign, and we look forward to the commencement of the Snilehorn, Novus and Butch wells in the second half of 2013.”