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Aberdeen oil firm secures exploration licences on Iceland continental shelf

Tuesday, December 4th 2012 - 19:47 UTC
Full article 12 comments
Faroe Petroleum licences include seven blocks inside the Arctic Circle Faroe Petroleum licences include seven blocks inside the Arctic Circle

Aberdeen oil firm Faroe Petroleum has secured provisional exploration licences in the Dreki area on the Icelandic Continental Shelf. The company said the licences were “extensive”, encompassing seven blocks located inside the Arctic Circle to the north east of Iceland.

Faroe said samples indicated the area had a working hydrocarbon system. It said it was “very excited to get the opportunity to explore and de-risk these prospects”.

Experts have predicted the Arctic will be the next major oil producing region, with reserves of about 20 billion barrels of oil.

However Edinburgh explorer, Cairn Energy, has failed to make a commercial discovery of oil and gas after a major drilling campaign.

Graham Stewart, chief executive of Faroe Petroleum, said: “We are very pleased to announce our entry into Iceland's offshore, which represents an important extension of our frontier exploration portfolio in the UK west of Shetlands, Norwegian Sea and Norwegian Barents Sea.

”As with our Norwegian Barents Sea licences, this new Icelandic Jan Mayen Ridge licence has significant hydrocarbon potential, and is located in ice-free waters.”

Faroe focuses mainly on exploration and production opportunities in the Atlantic Margin, the North Sea and Norway. It is currently awaiting the results of drilling operations at two UK exploration wells - one west of Shetland and the other in the UK North Sea.
 

Top Comments

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  • Islas Malvinas

    Good news for Iceland.
    Hope they can also explote their Icelandic Hatton-Rockall area.

    Dec 04th, 2012 - 08:34 pm 0
  • Think

    TWIMC

    What is it with MercoPress and their “love affaire” with British Small Cap loser Oil Exploration Companies?

    (FPM) FAROE PETROLEUM
    Down today to 137.50p (-0,90%)

    (ARG) ARGhhhhhOS RESOURCES LIMITED
    Down today to 25.88p (-4.61%)

    (DES) DESPIRE PETROLEUM
    Down today to 20.25p (-3.57%)

    (RKH) ROCKFLOPPER EXPLORATION
    Down today to 144.75p (-0.69%)

    FOGL FALKLAND OIL AND GAaaaaaaS LIMITED
    !!!! Stable !!!! today at 30.50p (0.00%)

    Any ”Vested Interests” maybe?

    Dec 04th, 2012 - 08:45 pm 0
  • andy65

    SS HITLER CRISTINA KIRCHNER WILL NOT BE HAPPY WITH THIS>

    Dec 04th, 2012 - 08:53 pm 0
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