Renewed Interest for Norwegian Assets

Some companies’ decisions on Thursday suggested a renewed interest for Norwegian assets, with two companies reporting developments in the area.

Faroe Petroleum announced ‘the award of a rig contract for the drilling of the Faroe-operated, Brasse exploration well in the Norwegian North Sea (Faroe 50%) and the recommencement of oil production from the Enoch field (Faroe 13.86%),’ the company wrote on Thursday.

Faroe entered into a contract with Transocean Offshore (North Sea) on behalf of the PL 740 joint venture - Faroe (50%) and Core Energy (50%) - for the lease of the semi-submersible Transocean Arctic drilling rig.

“We are very pleased to announce the signing of the drilling contract for this exciting Faroe-operated exploration well – one of three exploration wells in Faroe’s drilling programme for 2016 in Norway” Graham Stewart, Chief Executive of Faroe Petroleum, commented. 

Also on Thursday, Statoil reportedly said it would present its development plan for its Oseberg Vestflanken 2 project offshore Norway. Reuters said that the Norwegian company should make the announcement on Friday.