Independent oil and gas company, Faroe Petroleum, has found oil in its first operated exploration well on the Fulla Prospect in the west of Shetland.
The well, located 31 kilometres to the north east of the BP-operated Clair field platform, and reservoir quality is said to be better than expected.
Graham Stewart, Chief Executive of Faroe Petroleum, commented: “Further work will be conducted in the coming weeks to gain a deeper understanding of the structure and its contents. With better than expected reservoir quality and good indications of mobile oil, we believe there is potential for a commercial field development, most likely in combination with our nearby Freya discovery.”
Faroe Petroleum joint venture partners includeBP, Chevron,DONG,Eni, E.ON,OMV, RWE,and Statoil.