Aberdeen oil & gas explorer in licences move

Faroe Petroleum has been provisionally awarded licences in an area north-east of Iceland, representing its first foray into the region.

The Aberdeen-based firm said it has mapped several large structures within the licence area, and will act as operator and take majority stakes in the licences.

Icelandic state-owned oil company Petoro and Iceland Petroleum will take smaller stakes.

Faroe’s chief executive Graham Stewart said:  “We are very pleased to announce our entry into Iceland’s offshore, which represents an important extension of our frontier exploration portfolio in the UK west of Shetlands, Norwegian Sea and Norwegian Barents Sea.

“We look forward to working with the Icelandic government and our partners, in progressing these important opportunities.”

Faroe also separately announced that its finance director, Iain Lanaghan, plans to step down from the board in the Spring after the group announces its full-year results.