With extensive experience from exploration activities in challenging conditions in the Atlantic margin, Faroe Petroleum has a lot to offer as a license partner. After only two years on the Norwegian Continental shelf the company has already managed to become a respected player, with one of the best exploration teams. The target is to grow further, says Faroe Petroleum Norge MD Helge Hammer.
Ambitious team player with top competence
- In a short time we have become a significant player on the Norwegian continental shelf, and since 2001 we have been working with most of the big, leading oil companies. Our strong expertise within exploration – seismic and geology is valued, says Helge Hammer, an experienced reservoir engineer and managing director of the Norwegian subsidiary company of Faroe Petroleum,. Since we started in 1998 the company has established an impressive portfolio with shares in 48 licences on the Faroes, UK and Norway. The Norwegian business was started early 2006 and in only two years Faroe has become by far the largest player in the Norwegian Sea among AIM listed companies in London, having no less than 20 licences on the Norwegian Continental shelf.
Early phase and production
Most of Faroe Petroleum’s licences are in the exploration and appraisal phase, but Faroe are also in production with two producing gas fields in the southern north sea. The company is building cash flow in order to have cash for upcoming exploration. –We have built a portfolio from day one, and have had great success in entering into licences, says Helge Hammer. In addition to winning the licences they have applied for, Faroe has also been very active on buying and trading into existing licences.
Established in 1998
Faroe Petroleum – as the name suggests – started in the Faroes ahead their first offshore licence round. . The exploration activities around the Faroe are ongoing, but today the company has its offices in Aberdeen and Stavanger. Faroe still has a small office in the Faroe and a major shareholder among the inhabitants.
Drilling Program
Faroe is undertaking a major drilling program in the years to come. Among these wells is Marsvin –on the southern Norwegian shelf, bordering Denmark – where they are expected to start drilling in September. Helge Hammer strongly believes in the possibilities on the Norwegian continental shelf, but can at the same time see clouds in the horizon. – There are a lot of exciting areas, but at the same time the costs are increasing, and there are not enough rigs or people. This is a major challenge, but of course has its benefits in relation to the high oil price, something most oil companies are happy about. This is the main reason for the high level of offshore activity. Over the coming months Faroe is scheduled to drill at least six wells on the Norwegian shelf and shoot seismic over several licences. The company is also in the process of becoming pre-qualified as an operator on the Norwegian sector, and in addition the Faroe team is applying significant effort in preparing for licence applications in the 20th Norway licensing round. The activity is high and the ambitions higher.
Heading North
Helge Hammer and Faroe represent an expansive strategy. Experience from seismic interpretation and exploration drilling in complicated geological areas in the Atlantic margin makes the company well equipped to participate in the Norwegian Sea and the Barents Sea, says Helge Hammer. The company has a high level of competence within interpretation of seismic from large and complex structures, sub-basalt conditions and in very deep waters – We are good at this, he says. In Stavanger there is a technical staff of 17, with considerable geological and geophysical competence including reservoir technique. Faroe can produce thorough and well balanced analysis in short order – a qualification Hammer thinks is valued among partners. The Aberdeen head office office employs 12 staff . We have influence and are taken very seriously by the major ouil companies, states Hammer.
Expansion
With plans of expansion it is important to recruit the right staff. Helge Hammer would like to attract competent personnel, the correct competence. – Here in Stavanger we have an exciting environment that we would like to expand gradually. There is a general lack of people today, but we believe we can offer something special, an exciting challenge which is rewarding in may ways and with excellent future promise. Interested applicants with the right background can get in touch with me, says Helge Hammer.
