Sector News

Faroe Petroleum makes mega-million North Sea oil discovery

July 11, 2016

Faroe Petroleum today confirmed its Brasse oil and gas discovery in the North Sea.

The firm said its side-track well was drilled to a total depth of 2,530 metres (MD) and encountered a 25 metre gross oil column and a 6 metre gross gas column.

Total gross volumes of recoverable hydrocarbons are estimated to be between 28 to 54 million barrels of oil (mmbbls) and 89 to 158 bcf of gas or 43 to 80 million barrels of oil equivalent (mmboe in aggregate).

The successful side-track appraisal well was drilled on Brasse discovery in licence PL740 in the Norwegian North Sea.

Chief executive Graham Stewart said: “We are very pleased to announce the results of this successful side-track appraisal well on the Brasse discovery, which proves the hydrocarbon and reservoir distribution found in the main discovery well and delineates the lateral extent of the discovered area.

“This discovery, in one of our core areas, builds, via this low cost exploration and appraisal well, on Faroe’s already significant position in the Norwegian North Sea. Work will now begin on assessing options for monetising this important new asset, given its significant resource estimates and close proximity to existing infrastructure.”

The discovery lies within tie-back distance to existing infrastructure. It’s 13 kilometres south of the Brage field platform, 13 kilometres east of the Oseberg Sør field platform, and 13 kilometres south-east of the Oseberg field platform.

“Faroe and its co-venturer, Point Resources AS (50%), will now begin assessing options for this discovery, located in one of Faroe’s core areas in the Norwegian North Sea,” a company statement added.

By Rita Brown

Source: Energy Voice

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