Faroe Petroleum is planning to participate in four wells offshore Norway this year, while also stressing it has no significant development capital commitments this year, a position that many larger companies may envy this year.

The company says the Total-operated Shango prospect (Faroe 20%) in the Norwegian North Sea on the northern part of the Utsira High will be drilled using the Leiv Eiriksson rig during the first half of 2015. It will target a large undrilled Jurassic structure with estimated unrisked prospective resources of 30-110 MMboe (gross). If successful, Shango could be a target for a fast-track tieback to the Heimdal facility.

On the Pil prospect (Faroe 25%), two exploration wells are planned for this summer to follow up on the Pil and Bue discoveries last year. The operator, VNG, estimates that the combined discoveries already contain gross contingent resources of 80-200 MMboe, of which around 80% is estimated to be oil and condensate. Both wells on the Blink and Boomerang prospects will be drilled using the Transocean Arctic, targeting additional unrisked prospective resources of 93-490 MMboe (gross).

The Bister (Faroe 7.5%) prospect lies within the Hyme/Snilehorn licence adjacent to the Njord field in the Norwegian Sea. Drilling is being planned for the second half of 2015, with a final commitment to drill anticipated. On the Kvalross prospect (Faroe 40%) in the Barents Sea, however, drilling may be delayed due to rig scheduling. It is located to the south of OMV’s significant Wisting discovery.

Offshore