Faroe Petroleum wins North Sea operator status

FAROE Petroleum, the Aberdeen-based oil exploration company, has been given approval to operate future exploration projects in the Norweigian sector of the North Sea.

Aim-listed Faroe is currently able to only work in partnership with approved operators, reducing the equity stake the company can hold in projects.

Chief executive Graham Stewart welcomed the news. "The pre-qualification as operator is a recognition by the Norwegian authorities of Faroe Petroleum's management systems and competence," he said.

"This is an important step and we believe it will open new opportunities for the company in Norway in the coming years."

Faroe also said it had been awarded a 30 per cent stake in the "Zappa" exploration block in Norway, along with Petro-Canada and Scottish Gas-owner Centrica, which will operate the field. Stewart said the company was considering applying for more blocks.