NORTH Sea-focused Faroe Petroleum has recruited a senior oil and gas industry figure to its board as the company eyes expansion in the area amid challenging conditions in the oil and gas sector.
Brent Cheshire has become a non-executive director of Aberdeen-based Faroe after leading Dong Energy on a rapid UK expansion drive. This saw the firm become a significant oil and gas player in areas such as West of Shetland and a force in the emerging offshore wind industry.
The geologist’s career in the oil and gas industry has also included a stint leading the global exploration and production technology operations of US independent Amerada Hess and 14 years at Shell.
Faroe’s chairman John Bentley said Mr Cheshire’s appointment would add significant strength to the Faroe board, as the firm prepares to increase production. He reckons Mr Cheshire’s experience in developing large scale infrastructure projects is second to none.
Faroe has started drilling work on a project that is expected to result in a big increase in output from the Tambar oil field off Norway.
The Aim-listed company expects to bring two additional wells onstream on Tambar. It will install facilities to boost output from three existing wells.
Chief executive Graham Stewart said the project showed Faroe could generate value from existing assets, even with crude trading at around half the $115 per barrel it fetched in June 2014.
He has said the fall in the oil price since then has created opportunities to acquire North Sea assets at attractive prices. It has been accompanies by a drop in the price of support services.
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