Norwegian licence boost for Faroe

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Oil and gas firm Faroe Petroleum has been awarded eight exploration licences in Norway, including two covering a “very active” area in the northern North Sea.

The Aberdeen-based company said it will act as operator for three of the licences, “significantly” enhancing its strategic position in the country.

Chief executive Graham Stewart said: “These licences contain a wide range of play types and risk profiles, which increase our Norwegian acreage position to 32 licences across the key exploration areas, giving us the largest licence position of any UK independent operating in Norway.”

He added: “Operations on the west of Shetlands North Uist exploration wells continue and we will provide further updates on progress over the coming period.”

Stewart said Faroe, which last month secured its first licences to start drilling off the coast of Iceland, had an active drilling programme for the coming year, including “high impact” exploration wells in the Barents Sea and Norwegian Sea.