News

November 24, 2009

Topaz Shines For Faroe Petroleum, Lifting Group Output North Of 2,000 Boepd

From a standing start ten years ago, Faroe Petroleum has built a full-cycle E&P company where production now tops 2,000 barrels of oil equivalent per day from five producing fields. What’s more, this production tally has been built in one of the industry’s most demanding operational environments, namely the UK and Norwegian sectors of the North Sea, where the barriers to new entrants aren’t exactly low. Although 2,000 boepd isn’t a huge amount of oil and gas to shout about, it does set the Aberdeen-headquartered company apart from many of its AIM peers, providing some financial and operational credibility.

The latest production gains for Faroe came this week, when it announced the 20 billion cubic feet Topaz field in the Southern Gas Basin of the UK North Sea had come onstream.  Faroe has a 7.5 per cent working interest in the RWE Dea-operated field: its strategy is to take modest equity stakes in projects to ensure its costs and risks are appropriate to its balance sheet and technical ability. Production is still being ramped up at Topaz, with initial output of 30 million cubic feet per day...