Exxon ups its Faroes stake and plans 2014 drilling

Exxon Mobil has taken an addition 6% stake in an exploration licence offshore the Faroe Islands.

The deal, with Faroese explorer Atlantic Petroleum, will see Exxon's stake in Licence L016 increase to 26%.  

The move was followed by Atlantic announcing that it and Exxon are planning to return to Brugdan 2 in Licence 006 in the first half of 2014 for further drilling. 

Operations there were suspended in late 2012. Atlantic has 1% and Exxon 49% in Licence 006. Statoil is operator with 50%. 

The revised ownership in the Licence 016  are now Statoil Færøyene (operator) with 40%, DONG Energy Føroyar 30%, ExxonMobil Exploration and Production Faroe Islands 26% and Atlantic Petroleum 4%.

The Licence was granted in the Third Licensing Round in 2008 and covers 3870 sq km. It is in the north-eastern part of the Faroese licensed area.

Atlantic says it contains a large four-way dip structure called Kúlubøkan, with potential at various stratigraphic levels. Seismic data was acquired on the acreage during the first six months of 2009. The data was analysed and confirmed the structure.

A 3D seismic survey was then acquired during 2012 to further the understanding of the structure. The partnership has up to six years to decide whether or not to drill an exploration well.