Faroe Petroleum, the independent oil and gas company focusing on exploration and production in Norway and the U.K., conditionally acquired a further 14 percent interest in the Blane Field in the U.K.'s North Sea for a total of $5.25 million, the company announced on Friday.
The Blane interest was acquired from JX Nippon Exploration and Production (U.K.) Limited, which has more than 10 fields currently producing oil and gas in the U.K. North Sea, as well as several projects underway.
Blane, located on the Central Graben of the U.K.'s continental shelf extending into the Norwegian sector, was discovered in 1989.
Completion of the acquisition is expected before the year-end, and is subject to U.K. regulatory approval, the approval of the Blane joint venture partners and the resumption of production after the completion of certain scheduled sub-sea works this summer.
Repsol Norge AS operates the Blane Field and the other joint venture partners are Dana Petroleum Limited and Repsol Sinopec Resources U.K. Limited.
Faroe acquired its initial 18 percent interest in the Blane Field in October 2010 and in September 2015 attained a further 12.5 percent.
With the acquisition of further 14 percent interest from JX Nippon Exploration and Production (U.K.) Limited, Faroe's shares in the field totals 44.5 percent.
By Ebru Sengul