Faroe gets biggest discoveries on the Norwegian shelf this year

Faroe gets biggest discoveries on the Norwegian shelf this yearFaroe gets biggest discoveries on the Norwegian shelf this year.

The oil company Faroe has made an oil discovery south of the Brage field in the North Sea. The discovery contains both oil and gas, and if projections are correct this is the largest find on the Norwegian shelf in 2016.

The discovery, which is a sidetrack to the Brasse well, is estimated to contain recoverable reserves of between 43 and 80 million barrels of which between 28 and 54 million barrels are oil and the rest are gas, according to Faroe Petroleum.

– We are very pleased that this sidetrack at Brasse well has been so successful. The drilling confirms the discovery and spread of the reservoir. Brasse is located in one of our core areas and strengthens our position in this part of the North Sea. It is also close to existing infrastructure, and we will now consider options for commercialization together with our co-owner, Point Resources AS, says Helge Hammer, chief of Faroes Norwegian business.

Exploration in well 31 / 7-1 was drilled to a vertical depth of 2750 meters below sea level, while the appraisal well 31 / 7-1A was drilled to a vertical depth of 2270 meters below sea level, reported the Oil directorate on Wednesday.

Source: NTB scanpix / Norway Today

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