Faroe Petroleum, the unbiased oil and fuel Company focusing principally on exploration, appraisal and manufacturing alternatives in Norway and the UK,
The Fenja oil area is situated 33 kilometres south west of the Njord manufacturing facility. The area will likely be developed with three oil producers, two water injectors and one fuel injector which will likely be transformed to a fuel producer in the course of the fuel blow-down section in direction of the tip of area life.
The operator, VNG Norge AS, estimates that the sphere comprises gross recoverable assets of 97 million barrels of oil equal, and is comprised predominantly of oil. Fenja is predicted to return on stream in 2021 with a deliberate area lifetime of 16 years.
In February 2018 Faroe Petroleum introduced that it had executed a transaction with Suncor Energy Norge for the sale of a 17.5% working curiosity within the Fenja growth for a money consideration of $54.5m. The Fenja PDO approval is the principal situation precedent to completion of this transaction. Faroe retains a 7.5% working curiosity within the Fenja growth.
Graham Stewart, Chief Executive of Faroe Petroleum, commented: “We are very happy to announce approval of the event plan for the Fenja area. When Fenja comes on stream in 2021 it can contribute appreciable money circulation and worth to Faroe. Fenja is one other prime instance of Faroe’s profitable exploration mannequin which continues to ship appreciable success and worth – most just lately with the announcement final week of the numerous Iris/Hades discoveries within the Norwegian Sea. The overwhelming majority of Faroe’s 2P reserves and 2C contingent assets have been generated very cost-effectively by means of our excellent exploration success. The latest monetisation of a part of our Fenja fairness to Suncor is testimony to the top quality and attractiveness of Fenja and our asset portfolio basically. (Source: Faroe Petroleum)
The submit NORWAY: DEVELOPMENT OF FENJA FIELD APPROVED appeared first on Energy Global News.