Oil companies with stakes in the Faroe Islands have claimed their license awards in the North Atlantic archipelago’s third offshore acreage auction.
StatoilHydro said it will operate a 5,312-square-kilometer exploration area in the so-called Atlantic Margin — the largest Faroese licence ever — with its 50 percent stake. Danish DONG (30 percent), Aberdeen-based Faroe Petroleum (10 percent) and Atlantic Petroleum (10 percent) will partner in the license.
StatoilHydro operations boss for the Faroes, Runi M. Hanse, said surveying but no drilling were required on the acreage for six years.
Faroe said it also won 33 blocks and three part blocks in the Kulobokan license, 5,300 sq. km area containing a “a significant four-way dip closed structure”, or a promising anomaly. A statement said the licenses were acquired “at modest cost”.
The Faroese Natural Resources Minister, Torbjoern Jacobsen, had said oil company work programmes would decide acreage awards.
Just five companies applied for the round, although more had gained footholds in the promising Atlantic area in the previous Round 2.
Tags:
Atlantic Petroleum,
DONG Energy,
Faroe Petroleum,
StatoilHydro
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