Atlantic Petroleum commences its first operation on the Norwegian Shelf in January. PHOTO: HARALD PETTERSEN/STATOIL.
Atlantic Petroleum commences its first operation on the Norwegian Shelf in January. PHOTO: HARALD PETTERSEN/STATOIL.

Atlantic Petroleum to drill in Norway

20-12-2013

by Svein Magnason


Atlantic Petroleum has acquired a 10 percent share in a drilling license in the Barents Sea. The operation commences in January 2014.

The Faroese oil company has also been active in British oil production and Faroese oil exploration since the late 1990s. It has been attempting to enter the Norwegian market over the last year, and earlier this month, Atlantic Petroleum was listed on the Oslo Stock Exchange and recapitalized with some DKK 120 million.

The Barents Sea project is operated by 'Det Norske Olieselskab' with a 20 percent share.

Langlitinden is a much anticipated well, and the Barents Sea has been dubbed an 'el Dorado' for oil and gas companies due to numerous significant discoveries in recent years.

A milestone

Atlantic Petroleum CEO Ben Arabo said the Langlitinden license acquisition and is a milestone for his company.

"We are looking forward to participating with Det Norske and partners in the Langlitinden well. The well is a milestone for Atlantic Petroleum, as it is our first well on the Norwegian Shelf," Ben Arabo commented according to the Wall Street Journal.

Atlantic Petroleum is listed on the Copenhagen, Reykjavik and now also Oslo stock exchanges, but is based in the Faroe Islands. The company has a total of 40 oil and gas licenses.


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