Atlantic-focused oil firm Faroe Petroleum has bought out its partner in the undeveloped Lowlander discovery as it eyes setting up a new production hub in the North Sea.
The company has struck a deal to take on North Sea Ventures’ 50% stake in the licence, having already taken a half-share in the field from Talisman Sinopec in February.
Now Faroe plans to accelerate development of Lowlander alongside the Perth field it is already developing. The fields have a joint recoverable oil supply of around 62million barrels – 22million of which comes from Lowlander.
“Faroe is building an exciting core area around Perth and Lowlander in the Central North Sea and work is underway together with our Perth partners to progress the potential high value Perth/Lowlander joint development project,” said chief executive Graham Stewart.
Nine wells have already been drilled on the fields to assess their value.
The company admitted it was looking at the potential for a joint production facility, serving Perth and Lowlander fields plus any similar oil finds in the region.
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