PDO approved for Fenja field in the Norwegian Sea

LONDON -- Faroe Petroleum, the independent oil and gas Company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, has announced that the Norwegian Minister of Petroleum and Energy has approved the plan for the development and operation (PDO) of Fenja field.

The Fenja oil field is located 33 km southwest of the Njord production facility. The field will be developed with three oil producers, two water injectors and one gas injector, which will be converted to a gas producer during the gas blow-down phase towards the end of field life.

The operator, VNG Norge AS, estimates that the field contains gross recoverable resources of 97 MMboe, and is comprised predominantly of oil. Fenja is expected to come on stream in 2021, with a planned field life of 16 years.

In February 2018, Faroe Petroleum announced that it had executed a transaction with Suncor Energy Norge AS for the sale of a 17.5% working interest in the Fenja development for a cash consideration of $54.5 million. The Fenja PDO approval is the principal condition precedent to completion of this transaction. Faroe retains a 7.5% working interest in the Fenja development.