Faroe makes progress despite oil gloom

Graham Stewart, Faroe Petroleum chief executive

Aberdeen-based Faroe Petroleum, the independent oil and gas exploration company active in the UK and Norwegian continental shelves, said it had a year of growth and progress in 2015 despite the low oil prices that have engulfed the industry.

Faroe said it will continue to look for “suitable value-enhancing production acquisitions” as it takes advantage of consolidation opportunities.

“2015 was another year of growth and good progress for Faroe despite a backdrop of significantly lower commodity prices,” said Graham Stewart, Faroe Petroleum chief executive (pictured).

Stewart said the firm’s diverse North Sea production portfolio also outperformed expectation, averaging 10,530 barrels of oil equivalent per day with low unit operating costs.

He said Faroe Petroleum ended the year with a “significant cash position” of over £90 million and a largely undrawn debt facility.

“Looking ahead at 2016, we are well prepared to face the challenges of a continuing period of low commodity prices, while seeking to capitalise on our strong financial position to pursue consolidation opportunities in our core areas on the UK and Norwegian continental shelves.” 

The full operational update can be read here: http://www.fp.fo/news/operational-update-8/