Faroe Petroleum acquires new interests in Shetland

Faroe Petroleum, an independent oil and gas company, is acquiring a 10 per cent non-operated interest in the East Foinaven Field and a 0.5 per cent interest in the West of Shetland Pipeline System from Marubeni Oil & Gas.

Faroe Petroleum, an independent oil and gas company, is acquiring a 10 per cent non-operated interest in the East Foinaven Field and a 0.5 per cent interest in the West of Shetland Pipeline System from Marubeni Oil & Gas.

The interests will be acquired for $32m in cash, but this will be reduced to take account of working capital adjustments for net income from the sale of hydrocarbons from the field during the period.

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