Good days for new Faroe Petroleum owner

Norwegian oil and gas firm DNO, which recently completed its takeover of Faroe Petroleum, enjoyed record profits in 2018.

With total profits just above NKR 3 billion last year, the company is continuing its expansion in Norway, which was one of the reasons for the takeover of the Faroese oil firm, planning to drill five exploration and production wells in Norwegian waters this year.

DNO is also planning to drill at least 14 wells this year in the Kurdistan region of Iraq. The company is planning to make investments of around NKR 3.5 billion this year.

At the announcement of DNO’s takeover of Faroe Petroleum, a spokesperson for the Norwegian company said that it was more financially viable to acquire Faroe Petroleum than to buy into exploration areas in Norway.

Translated by prosa.fo