21st Jul 2014 13:47
LONDON (Alliance News) - Faroe Petroleum PLC Monday said production has restarted at its 7.5% owned Njord and Hyme fields in the Norwegian Sea.
The oil and gas exploration and development company said the Statoil AS-operated fields have been successfully brought back into production following a shut-in period in order to carry out structural reinforcement work.
Average production from Njord and Hyme prior to the shut-in was roughly 48,000 barrels of oil equivalent per day and 3,600 barrels per day net to Faroe.
The two fields are now expected to be on production until mid-2016 when modifications will be undertaken to enable future drilling operations and an extended lifetime of the Njord field.
The company said that its production guidance for the two sites for 2014 remains at 4,000 to 6,000 barrels per day, net to Faroe, with a further 3,000 to 4,000 barrels of economic production from its recent acquisition of interests in the Schooner and Ketch fields, which should be complete in the fourth quarter.
"We are very pleased to have successfully brought Njord and Hyme back on stream, and that the work has been completed on schedule and within budget," Chief Executive Graham Stewart said in a statement.
Faroe Petroleum shares were up 0.6% to 119.26 pence on Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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