Njord, Butch offshore Norway nearing concept selection

Offshore staff

ABERDEEN, UK – Faroe Petroleum says work is progressing on the Njord Future Project in the Norwegian Sea, operated by Statoil.

The Njord partnership is evaluating various scenarios for the long-term further development of the Njord Area, which currently takes in production from the Njord and Hyme fields. These could include tie-ins of the nearby Snilehorn, Pil, and Bue discoveries.

There is further exploration potential in the area such as the Blink prospect in the Pil license, due to be drilled shortly.

After incorporating exploration and appraisal results, the Njord partners will decide on the final development concept going forward and begin front-end engineering and design studies.

Faroe anticipates concept selection during 1H 2016, with suspension of production and tow-to-shore of the Njord A semisubmersible platform currently planned for 2Q 2016.

Snilehorn is an oil discovery 4 km (2.5 mi) from the Hyme field which in turn is around 19 km (12 mi) from Njord A. This could be a subsea tieback to Njord or Shell’s Draugen field.

The VNG-operated Pil area (three discoveries, including last week’s Boomerang, with reserves in the range of 93-231 MMboe), could also go subsea to Draugen or alternatively warrant a standalone scheme, depending on future well results.

In the Norwegian North Sea, Faroe is a partner in the Centrica-operated shallow-water Butch oil field discovery. Scenarios for a development here include a fixed standalone facility and subsea tiebacks.

Faroe’s exploration program for 2016 currently covers three wells offshore Norway, two targeting prospects in the Barents Sea (in partnership with Wintershall and Eni), while the other is a near-field well.

The company also plans to continue building production via acquisitions and asset swaps.

09/22/2015

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