Faroe Petroleum’s exploration drilling program for the year will see the UK-based explorer begin drilling at its operated Brasse prospect in the North Sea this summer using the Transocean Arctic rig.
 |
|
Map of Oseberg, Brage, Brasse. From Faroe. |
The Brasse prospect is defined by a structure located immediately to the south of the Brage field, and if successful could be tied back to either the Brage or the Oseberg platform, located at similar distances from the prospect.
Brasse holds significant upside potential in stacked reservoirs in Upper and Middle Jurassic. The work program will be focused on reducing risk by improving the existing 3D seismic dataset through re-processing.
Later in the year, in 2H 2016, the Njord partnership (Faroe 7.5%), led by operator Statoil, is planning to drill a new prospect on the North Flank of Njord, in close proximity to the main field. If successful, the exploration well will add further volumes to the Njord Future Project.
The company commenced drilling at Wintershall Norge-operated Kvalross well (Faroe 40%) in the Barents Sea on 11 January 2016, and is progressing to plan. Results from the well are expected by the end the quarter.
“2015 was another year of growth and good progress for Faroe despite a backdrop of significantly lower commodity prices. We delivered our exploration drilling program safely and under budget, adding further 2C resources, and we doubled our 2P reserves in high quality assets,”Graham Stewart, Faroe chief executive said.
Its North Sea production portfolio outperformed Faroe’s expectation, averaging 10,530 boe/d with low unit operating costs. The company ended the year with a significant cash position of more than US$130 million (£90 million) and a largely undrawn debt facility, Faroe said.
“Looking ahead at 2016, we are well prepared to face the challenges of a continuing period of low commodity prices, while seeking to capitalize on our strong financial position to pursue consolidation opportunities in our core areas on the UK and Norwegian continental shelves,” Stewart said.
Read more:
Subscribe
