Faroe Petroleum has completed the sale of its share in a North Sea gas field to Total for £10million.
The company sold its 10% interest in the undeveloped Glenlivet gas field as it looks to directing its focus on projects elsewhere in Norway and the UK.
In September, it was announced Total was set to increase its stake in two fields in the West of Shetland, including Glenlivet, and the nearby Edradour.
Graham Stewart, chief executive of Faroe Petroleum, said: “I am pleased to announce completion of the sale of our Glenlivet interest to Total – a transaction directly in line with our stated monetisation strategy to ensure we fully leverage our exploration to create maximum shareholder value.
“Faroe has a very exciting continuing exploration and appraisal programme to look forward to in 2015.
“Our unique and robust financial position ensures we can participate in another five well high impact campaign in Norway.
“This will target significant resource potential and is funded from a combination of cash flow from our significant production base and Norwegian state funding.”
Faroe Petroleum has been focused on a number of recent discoveries in the Norwegian North Sea, including the Pil oil and gas find, as well as the development of the Lowlands and Perth fields about 140 miles north-east of Aberdeen, which is due for first oil from 2018.
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