Atlantic Petroleum – http://www.petroleum.fo/
Atlantic Petroleum is a Faroese independent exploration and production (E&P) company with oil and gas interests in the North Sea, the Celtic Sea and on the Faroese Continental Shelf. The Company has interests in around 40 licences containing over 50 fields, discoveries, prospects or leads. Furthermore, Atlantic Petroleum has partnerships with more than 20 international oil companies operating in North West Europe. The objective of Atlantic Petroleum is to develop offshore oil and gas potential in North West Europe on a commercial basis, and presently the Company engages in activities ranging from exploration, through appraisal, to development and production.
Atlantic Petroleum’s key benefits and competencies include an efficient and low-cost organisation with a team of around 30 full-time employees, which enables the Company to maintain certain core competencies in-house, e.g. geological, geophysical and reservoir engineering expertise as well as commercial insight, which are considered key success factors in the oil and gas industry. In addition, Atlantic Petroleum uses external advisers and has collaborations and long standing relationships with trusted technical consultants. This expertise, associated with access to seismic and geological data which are critical for the Company’s understanding of the petroleum systems, is fundamental to the business and also substantiates any evaluation of new opportunities. The Company has a strong aptitude for reducing overall project risk and associated capital expenditures through entering into strategic partnerships on licences, enabling a significant sharing of geological, geophysical and operational knowledge as well as costs. Finally, Atlantic Petroleum’s increasing oil production is expected to provide a growing cash flow, thus supporting the Company’s financial stability in coming years.
Atlantic Petroleum invests in smaller prospects or discoveries that do not typically lie within the focus of larger E&P companies, as these companies usually do not prioritise smaller fields. Consequently, the Company is not directly engaged in head-to-head competition with larger E&P companies.
The current financial climate and is likely to force a number of small E&P companies with insufficient or no producing assets to reduce ownership stakes in assets or farm-out whole projects. Atlantic Petroleum’s increased cash generation is expected to enable the Company to take advantage of investment opportunities in this consolidation process, thereby providing opportunities for the Company to expand its portfolio. Simultaneously, Atlantic Petroleum seeks to add new licences close to existing production, effectively lowering potential operating expenditures as new production can be added without significant costs.
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