THE chief executive of Faroe Petroleum, Graham Stewart, enjoyed a 30 per cent increase in total pay last year when his bonus more than doubled.

The annual report of the Aberdeen-based oil and gas company shows Mr Stewart earned total remuneration of £715,000 in 2014, up £162,000 on the £553,000 he got in the previous year.

The company awarded Mr Stewart a £266,000 bonus last year, up from £124,000 in 2013.

The 2014 bonus represented 73 per cent of the £365,000 salary Mr Stewart earned in the year compared with a possible maximum of 100 per cent.

The report says 55 per cent of the bonus was deferred and payable in shares in Faroe Petroleum.

It notes that executive directors' bonuses are awarded based on a range of corporate and operational measures, including growth in reserves and resources. They also reflect financial and executive team measures. The report adds that the 73 per cent rating reflected the company's excellent operational performance in 2014, during which it made two discoveries off Norway.

A proportion of any bonus is deferred, for a minimum of one year.

The company did not make any share awards to executive directors under its long term incentive plan last year.

Mr Stewart's salary increased by 2.8 per cent on the £355,000 he earned in 2013.

The report states the base salaries of executive directors and the majority of employees increased by three per cent from January.