Shell plans three Faroe Islands
Shell plans to drill one well each in Block 007 southeast of the Danish Faroe Islands and Blocks 2-94 and 2-05 northwest of Ireland.
In an email to Energy Current, Shell's farm-in partner, STX Energy said the company will invest over US$100 million to cover the drilling costs of the three wells. The first two wells are scheduled to be complete by 2008, and the third well will be drilled by 2009.
STX was correcting earlier reports on Reuters and Korea Herald, which said the company planned to spend US$140 million on the farm-in blocks. The South Korean company will pick up a 10 per cent stake in Block 007 southeast of the Faroe Islands and a 25 per cent stake in Blocks 2-94 and 2-05 on completion of the farm-in deal.