Faroe Petroleum submits PDO for Fenja field

ABERDEEN -- Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, is pleased to announce that the partners in Fenja (previously named Pil/Bue) field (licence PL586) have submitted the Plan for its Development and Operation (PDO) to the Norwegian Ministry of Petroleum and Energy.

Fenja field (Faroe 25%) was discovered in 2014, in the Norwegian Sea, approximately 30 km southwest of the Statoil-operated Njord field (Faroe 7.5%). The operator of the Fenja development, VNG, estimates that the field contains gross recoverable resources of approximately 100 MMboe, and is comprised predominantly of oil.

The proposed Fenja field development will comprise three horizontal production wells—one gas injector well and two water injector wells—tied back to the Njord A floating production facility for processing and export via the Njord B floating storage and offloading vessel (FSO). The Fenja licence partners are planning to invest NOK 10.2 billion (£900 million) with planned production start-up in 2021 and a planned field life of 16 years.