DNO acquires part of Faroe Petroleum

DNO now owns 15,37% of the shares of Faroe Petroleum after today’s acquisition, reports e24.no.

DNO, which holds stakes in onshore and offshore licenses in countries such as Britain, Norway and Iraq, is now expanding its operations in the North Sea.

The Norwegian company says that one of the reasons behind the acquisition is Faroe Petroleum’s exploration activities on Norway and Britain.

This morning, Faroe Petroleum and its partners announced significant gas and condensate discoveries in the Iris and Hades prospects in the North Sea.

“This could be one of the greatest quantities discovered in the North Sea in recent years,” Eldbjørg Vaage Melberg, of the Norwegian Petroleum Directorate, told Sysla Offshore.

Helge Hammer, COO of Faroe Petroleum in Norway, said: “Both discoveries are well in excess of pre-drill estimates, and this further strengthens our position in the North Sea.”

The Iris and the Hades licences are operated by OMV (30%) and Faroe Petroleum Norway (20%), with partners Statoil Petroleum (40%) and Spirit Energy (10%).

The well was drilled by the Deepsea Bergen semi-submersible drilling rig.