Norwegians eyeing Faroe Petroleum takeover

07.01.2019 - 12:19
Norwegians eyeing Faroe Petroleum takeover
Oslo-based oil giant DNO is closing in on majority stake in Faroese oil company as it seeks better access to North Sea oil

Norwegian oil and gas operator DNO now holds a 43.8-percent stake in Faroe Petroleum.

DNO recently offered £610 million to acquire the company, but the Faroe Petroleum management rejected it, saying the offer underrates the value of the company’s North Sea activities.

DNO has acquired assets from minority shareholders, and commentators say this indicates a strong interest from DNO to gain access to Faroe Petroleum’s North Sea operations.

The Norwegian company currently has its main focus on the Middle East market.

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