FAROE Petroleum, the Aberdeen-headquartered oil and gas company, reported mixed results yesterday from a well drilled on the Hyme prospect in Norwegian waters.
It said the exploration well had found indications of hydrocarbons in its main target but not of commercial value. The well also penetrated a number of better-developed zones, which showed good indications of hydrocarbons, it added.
The company said the well had been plugged and abandoned but the zones would be further investigated, as they might add significant further resource potential to the adjacent undeveloped South East Tor oil field, in which Faroe has a 10% interest.
Partners in the Hyme well are Sweden’s Lundin Petroleum (75% and operator), Norway’s Noreco (15%) and Faroe (10%).
Faroe chief executive Graham Stewart said: “The results for the main objective in this high risk exploration well are somewhat disappointing, but the discovery of hydrocarbon in other zones is very encouraging and represents new and additional upside for the South East Tor field.”
Delays in projects may dent French oil and gas firm Total’s plan to invest more than £12billion in 2009, chief executive Christophe de Margerie said yesterday, adding the firm was not currently considering any large acquisition.