Faroes duster

September 3, 2001, 01:30 CEST

Statoil has completed drilling of its first exploration well off the Faroes without making a find. There were traces of hydrocarbons.

Rolf Magne Larsen, who is responsible for the total exploration portfolio of International Exploration & Production expresses disappointment at this result.

"Obviously we were hoping for a positive outcome," says Mr Larsen. "But this was a first attempt and we will now study the data from the well to make use of it in the next drilling."

Well 6005/15-1, called the Longan well, was the first of two exploration wells which Statoil and the other licensees in licence 003 have agreed to drill. Allocated in August 2000, licence 003 lies 130 kilometres south-east of the Faroe Islands.

Statoil has a 35 per cent interest in the licence. The others licensees are Phillips Petroleum with 30 per cent, Enterprise Oil with 20 per cent and Veba Oil & Gas with 15 per cent. See also The Ministry of Petroleum of the Faroe Islands' press release.