DNO could become a “more dominant player” in the North Sea with its takeover of Faroe Petroleum, according to an analyst.
Faroe Petroleum’s board has conceded defeat in its fight against a takeover bid by Norwegian oil explorer DNO.
Norwegian oil explorer DNO has increased its offer to acquire Aberdeen-based Faroe Petroleum.
Faroe Petroleum said it is “very concerned” by actions from Norway’s DNO to “take control of its business”.
An oil operator has further boosted its stake in Aberdeen-based Faroe Petroleum.
Faroe Petroleum today confirmed its Brasse oil and gas discovery in the North Sea.