Faroe set to grow stakes in two North Sea fields

Offshore staff

ABERDEEN, UK – Faroe Petroleum has conditionally agreed to acquire Roc Oil (GB Holdings) from Roc Oil (Europe) for up to $20 million.

Roc’s UK division has a 12.5006% interest in the Blane Unit and a 12.00% interest in the Enoch Unit, both developed fields in the North Sea.

Assuming the deal goes through, Faroe will then hold a 30.5% non-operated interest in Blane and 13.86% in Enoch.

Blane, discovered in 1989 in UK block 30/3a (Upper), is on the Central Graben of the UK continental shelf, extending into the Norwegian sector. Production started in September 2007 from a Tertiary Palaeocene Forties sands reservoir with a structural closure.

The field has been developed as a subsea tieback to the BP-operated Ula platform located in the  southern Norwegian sector, 34 km (21 mi) to the northeast, via two horizontal production wells with gas lift and one water injection well.

Production from Blane was constrained during the first half of this year to an average of 2,892 boe/d due to unplanned shutdowns, although the rate has since recovered to 4,100 boe/d.

According to Faroe, operating costs are low, with upside in the existing reserves and potential for further in-fill drilling.

Enoch, in the Norwegian sector, has been developed as a single well subsea tieback to the Marathon-operated Brae field in the UK central North Sea. Production should resume later this year. The field has been closed in due to a leak at the subsea wellhead, which has since been repaired.



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