Faroe Petroleum clears first hurdle ahead of Greenland licensing round in 2010
24 November 2009
Faroe Petroleum, the oil and gas group working on field opportunities in the Atlantic margin, the North Sea and Norway, has pre-qualified as an operator ahead of the Greenland 2010 Baffin Bay Licensing Round.
The pre-qualification of Faroe as an exploration operator is a key part of the process the company is pursuing in advance of potentially applying for licences in Greenland.
The undiscovered oil and gas potential offshore West Greenland, which includes the Baffin Bay Licensing Round area, is estimated by the US Geological Survey (USGS) to contain up to 18 billion barrels of oil equivalent.
The Baffin Bay Licensing Round, for which applications are being sought by May 2010, covers the prospective north west area of Greenland and is north of the Disko area where licences were awarded to a number of companies including Cairn Energy, Chevron and Exxon, in 2007.
The area to be licensed is substantial and has been divided into 14 licence blocks covering a total area of 151,358 sq km. Seismic data coverage has improved significantly during recent years in preparation for licensing rounds in the region and there are nine seismic surveys available covering 21,257 sq km.
Licences in Greenland are granted on terms very similar to the well known terms applicable in the North Sea. The fiscal terms for future production in Greenland are similar to those in place for the UK and the Faroe Islands and are generally regarded as attractive.
Graham Stewart, Faroe’s chief executive, said: “Greenland would represent a natural progression for Faroe Petroleum as a frontier exploration company focused on the Atlantic Margin and Norway and with its origins in the Faroe Islands.”
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