Faroe Petroleum awarded seven new licences

North Sea oil explorer Faroe Petroleum said it has been provisionally awarded seven new exploration licences on the UK Continental Shelf in the UK's 27th Offshore Licensing Round.

North Sea oil explorer Faroe Petroleum said it has been provisionally awarded seven new exploration licences on the UK Continental Shelf in the UK's 27th Offshore Licensing Round.

The Aberdeen based oil and gas firm, which last month increased its annual oil production forecast, said the new licence awards in both the Atlantic Margin and the North Sea boosts its prospects in a variety of geological settings.

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