Aberdeen-based Faroe Petroleum posts 拢26m loss
- Published
The company said its acquisition of 18% interest in the Blane oil field would increase production
Aberdeen-based oil and gas exploration company Faroe Petroleum has posted a loss of 拢26m for 2010 compared with 拢11.8m for 2009.
Revenue more than doubled to 拢15.1m but exploration costs rose to 拢51.4m from 拢18.3m the previous year.
In October, Faroe bought an 18% interest in the Blane oil field in the North Sea.
The company said its acquisition from Italian energy firm ENI would drive up production.
Chief executive Graham Stewart said: "2010 was an outstanding year for Faroe Petroleum.
"We built on the drilling success of 2009 with two further significant discoveries in Norway on Maria and Fogelberg."
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