Graham Stewart
FAROE Petroleum has submitted a plan to develop a find it made off Norway in 2011 to the country’s authorities. The Aberdeen-based company expects to bring the Oda field onstream in 2019 with partners including Centrica. Led by chief executive Graham Stewart, Faroe said the partners had worked over the last two years to reduce investment costs by over 40 per cent. Faroe has a 15 per cent share in the field, formerly known as Butch, and expects its share of the costs to be £82 million. The company estimates its share of peak production from Oda will be 5,250 barrels oil equivalent daily.
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