Faroe flags Norway drill start

Fa roe Petroleum, the Aberdeen- based oil and gas company, yesterday said drilling operations have begun on a development project in its Tambar field off the coast of Norway.

The project will see in fill wells drilled to target unexploited areas of the field which Faroe has a 45 per cent interest in. The company said the work has the potential to increase production from Tam bar “markedly” and to extend field life by up to ten years.

Graham Stewart, Fa roe’ s chief executive, said drilling operations are expected to continue until the end of the first quarter of 2018 with the wells expected to brought on stream before the end of April.

”The significance of this work programme is not only the impact on reserves and production but it also shows our ability to drive value and upside potential from the existing portfolio,” said Stewart.

Fa roe also yesterday announced the appointment of former Shell geologist Brent Cheshire as a non- executive director.

Cheshire has also held senior positions with Amerada Hess and as chairman of the UK operations of Danish energy firm Dong he develop ed the business into one of the largest acreage holders in the west of Shetland area, as well as a leading offshore wind developer in the UK.

John Bentley, chairman of Fa roe, said :“Brent is a seasoned E& P operator, which, when combined with his extensive corporate leadership positions, adds sign i ficant strength to the Fa roe board at this time in the company’s evolution. His knowledge of the sector and experience in developing large- scale infrastructure projects is second to none and we look forward to working with him.”