Faroe Petroleum awarded 8 Norwegian licences

Independent oil and gas company Faroe Petroleum said it has been awarded eight new prospective exploration licences, including four operatorships, in the Norwegian North Sea.

The awards were distributed under the 2017 Norwegian awards in pre-defined areas licence round.

Chief executive Graham Stewart said the company had further consolidated its position in core areas of the Norwegian continental shelf where it had delivered recent exploration success.

"We look forward to high-grading these new licence opportunities in the coming period. This good quality new exploration acreage, together with our enhanced production portfolio and development pipeline, ensures that our shareholders are exposed to a well balanced and sustainable set of growth opportunities going forward,” he said.