Faroe Petroleum sees field come on stream on schedule

Faroe Petroleum, the independent oil and gas company focused on the North Sea and Atlantic margin, said it expected its Hyme prospect in the southern Norwegian sea to produce up to 15% of its daily output going forward.

The firm has a 7.5% interest in the Statoil-operated field which was discovered in 2009.

First oil was achieved after just over two years and it is expected to yield around 30 million barrels of oil over the next decade.

Faroe said its share of the development costs at Hyme was £37.5m and its share of the reserve was approximately 2.25m barrels of oil equivalent.

Meanwhile the company said it was close to spudding the the Darwin exploration well in the Norwegian Barents Sea.

Chief executive Graham Stewart said: “We are delighted to see the Hyme oil field come on stream on schedule and on budget.”