Faroe Petroleum reported on 12 February 2017 that it has sold 17.5% of its 25% interest in PL 586, which contains the Fenja field, to Suncor for a sum of USD 54.5 million. The Fenja PDO was submitted in December 2017 and this deal is subject to the PDO being approved. Fenja contains recoverable reserves of 97 MMboe and is due onstream in 2021. Faroe has aligned its equity holding across the greater Njord area with this deal and Suncor reports that the asset is a strategic fit within its offshore portfolio. The deal is awaiting government approval and is expected to close in Q2 2018. Fenja consists of the Pil and Bue accumulations. Operator VNG will develop Pil initially, using a subsea tieback to the Njord A platform. The development will use two subsea templates hosting three horizontal producers, two water injectors and a single gas injector. Bue represents upside and will be confirmed by Pil development wells before it is potentially brought into production at a later date. Oil will be processed on Njord A before being transferred to Njord B for onward export via shuttle tanker. Gas will initially be re-injected into the Pil reservoir and will later be exported via Njordâs connection to the Asgard Transport System. According to the impact assessment from June 2017, oil production is expected to peak at approximately 42,000 bo/d in 2023 with gas production expected to peak at approximately 100 MMcf/d between 2025 and 2036. Total investment costs are approximately NOK 10.2 billion (USD 1.22 billion), with a 16 year field life forecast. Interest in PL 586, following the completion of this deal, will be divided between VNG Norge AS (30% + operator), Point Resources AS (45%), Suncor Energy Norge AS (17.5%) and Faroe Petroleum Norge AS (7.5%).
Suncor Energy has acquired 17,5% stake from Faroe Petroleum (-> 7,5%, VNG 30% op, Point Resources 45%, ) in -operated PL 586 (Fenja field) for US$54,5 MM.