Faroe awarded Norway licences

Faroe Petroleum has won seven new prospective exploration licences on the Norwegian continental shelf. The Aberdeen-based company said the awards demonstrated its growing ambitions for exploration in Norway. The new licences were granted under the 2011 Norwegian licence round. Faroe Petroleum focuses on exploration and production opportunities in the Atlantic margin, the North Sea and Norway. Chief executive Graham Stewart said: “Faroe and we have licence equities across the seven licences ranging from 20 per cent to 75 per cent, demonstrating our growing ambitions in Norway.”