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Faroe Petroleum divests of oil field

Oil company Faroe Petroleum has decided to sell part of its ownership stake in a Norwegian oil field.

Photo: Dong Energy

Faroe Petroleum has sold 17.5 percent of its ownership stake in the Fenja oil field to Suncor Energy Norge for USD 54.5 million, announces the company in a press release.

Faroe has opted to keep a 7.5 percent ownership stake in the field, located in Norway, which according to the company shows the continued support for the project of developing the field. The new ownership stake matches the stake it has in the Greater Njord Area which includes stakes of 7.5 percent in Njord, Bauge and Hyme.

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