Faroe Petroleum commences drilling operations in Norway-based producing field

Faroe Petroleum reported on Wednesday that drilling operations have commenced on the Tambar development project in the producing Tambar field in Norway, in which Faroe has a 45% interest.

The independent oil and gas company, focusing on opportunities in Norway and the UK, said the development project consisted of two new infill wells, which were being drilled by the Maersk Interceptor drilling rig, as well as the installation of gas lift in three existing wells to increase overall field production.

According to Faroe, the wells and gas lift, together, could potentially increase Tambar production markedly, extending field life by up to ten years and contributing to lower unit operating costs in the Ula hub area.

Gas produced by the Tambar field would then be transported to and reinjected into the Ula field, in which Faroe has a 20% interest, as part of its successful ongoing Water Alternating Gas, which was expected to generate additional production over the life of the Ula field.

Graham Stewart, CEO of Faroe Petroleum, said: "I am pleased to announce the commencement of the high impact work programme on the Tambar field. The joint venture sanctioned the project in April this year and it has been a great achievement by the operator to mobilise the rig and commence drilling operations within such a short space of time.

"Drilling operations are now expected to continue to the end of Q1 next year, and it is hoped that the two new wells will be brought on stream before the end of April 2018."