Project Profile
Value: Undisclosed
Location: 90 km (56 mi) northwest of the recent Skrugard and Havis oil discoveries, Barents Sea
Water Depth: 450 m (1,476 ft)
Start-up Year: -
Faroe Petroleum has won license PL716 in the Barents Sea as a result of the 22nd Norwegian License Round. The PL716 licence contains the Bone prospect within is 90 km (56 mi) northwest of the recent Skrugard and Havis oil discoveries and is in 450 m (1,476 ft) of water. The main prospect is on the southern flank of the Stappen High adjacent to the Bjørnøya basin and consists of a large horst structure defined by recent 3D seismic and has significant volumetric potential. The associated work program consists of drilling of one firm well with a target depth of the shallower of either 50 m (164 ft) into the Triassic Snadd formation or 3,500 m (11,480 ft). The license which is contained within blocks 7318/11 and 12 is operated by Eni Norway AS (40%) and the other partners are Bayerngas Norge AS (20%) and Petoro AS (20%). Faroe holds 20% interest.
Operators:
Eni Norway AS: Operator with 30% interest
Bayerngas Norge AS: 20% interest
Petoro AS: 20% interest
Faroe Petroleum: 20% interest
Point Resources: 10% interest