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Faroes application

May 16, 2000, 11:15 CEST

A group with Statoil as operator will be submitting a bid for acreage in the first Faroes offshore licensing round before the deadline of 17 May.

Also comprising Enterprise Oil, Phillips Petroleum and Veba, the group is responding to an invitation from the Faroese Ministry of Petroleum to apply for blocks east and south-east of the North Atlantic islands.

This round covers roughly 14,000 square kilometres and is split into 56 full and 26 partial blocks. Plans call for licences to be awarded in September.

The partners hope to be awarded acreage and are looking forward to cooperating with the Faroese authorities and community, says John Egil Inderhaug, Statoil's exploration area manager for the islands.