Faroe set for stake in Shetland area field

Offshore staff

ABERDEEN, UK – Faroe Petroleum is acquiring a 10% non-operated interest in the East Foinaven field and a 0.5% stake in the associated west of Shetland pipeline system from Marubeni Oil & Gas (North Sea).

BP operates East Foinaven in blocks 204/24a and 25b, 7 km (4.3 mi) southeast of the main Foinaven field and 10 km (6 mi) southwest of the BP-operated Schiehallion field.

East Foinaven field was developed as a subsea tieback to Foinaven with three production wells and two water injectors connected via a single subsea production manifold.

Two shuttle tankers offload commingled crude from the Foinaven field FPSO for shipment to refineries. Gas is exported via a 10-in. pipeline to the west of Shetlands pipeline system for onward transport to the Sullom Voe terminal in Shetland Islands, and subsequent delivery to the Magnus field for oil recovery purposes.

Average 2012 projected production East Foinaven is about 3,500 boe/d. However, Faroe believes there is potential to find and develop fresh reserves, with the potential to extend field life beyond 2022.

The transaction is subject to partner and regulatory approvals.

9/25/2012

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