Faroe Petroleum Completes Acquisition of Interest in East Foinaven Field

Faroe Petroleum has completed the acquisition of a 10% non-operated interest in the BP-operated East Foinaven oil field and a 0.5% interest in the West of Shetland Pipeline System, both from Marubeni Oil & Gas.

Foinaven oil field is deepwater oil development in the West of Shetland, whose operations started in 1997.

“We are very pleased to broaden our production base further through the acquisition of the East Foinaven interest, which boosts and diversifies our oil and gas production portfolio,” commented Graham Stewart, Chief Executive of Faroe Petroleum.

The company said it expects to start explorations at the end of the third quarter. 

Faroe Petroleum is an independent oil and gas company focusing principally on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway.