Faroe Petroleum's partners select Njord facilities for development in Norway

Oil and gas company Faroe Petroleum’s partners chose the Njord facilities as the preferred concept for development of the Pil & Bue discoveries in the Norwegian Sea.

The company’s partners in the Pil & Bue discoveries, of which the company owns 25%, and which include Statoil Petroleum, Engie E&P Norge, DEA Norge and VNG Norge, have decided that a subsea development solution tied back to the Njord platform in the Norwegian Sea, which Faroe owns 7.5% of, is the preferred concept for development of the discoveries.

Three concepts were considered, but the subsea installation tied back to the Njord platform was considered the best option and received the full support of the Njord partners.

The AIM-listed company said the development solution will be matured from the front end engineering design stage towards a formal field development plan.

Chief executive Graham Stewart said: "This is a significant step in the maturation of these high quality discoveries and the fact that they will be tied back to infrastructure we know well, and are joint venture partners in, further consolidates one of our core areas in Norway."

Shares in Faroe Petroleum were down 0.96% to 77.25p at 1034 GMT.