FAROE Petroleum has suffered an exploration reverse off Norway where the company’s latest well was dry. The Aberdeen-based firm said the Kvalross exploration well in the Barents Sea found hydrocarbon shows but not in commercial quantities. Chief executive Graham Stewart said: “Whilst the results for the Kvalross well are disappointing, we are pleased that the well has been drilled significantly below budget and to have encountered hydrocarbon shows which will add to the large data bank we now hold over this prospective frontier area.” He noted explorers in Norway benefit from generous tax breaks, adding “Faroe’s strong balance sheet means we are well prepared to weather the continuing period of low commodity prices.” Faroe plans to drill more wells off Norway this year.
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