Faroe Petroleum, an independent oil and gas exploration firm, has announced today, November 2, it will relinquish the licence P161, located west of Shetland Islands.
The licence, operated by Faroe Petroleum with 50 per cent interest, contains Freya and Fulla discoveries, however, the company has been unable to find a economically viable solution for development of these discoveries.
Graham Stewart, CEO of Faroe Petroleum , explained: “Faroe Petroleum adheres to a strict policy of protecting shareholder interests such that substantial development investments are only made where there is good potential for an attractive return, and unfortunately the P1161 licence does not satisfy our economic criteria.
[mappress] Offshore Energy Today Staff, November 2, 2012