The independent oil and gas production company Faroe Petroleum has reported that drilling has started at a major new well located off the coast of Norway.

Located some 65 metres beneath the bed of the North Sea, the company's Marsvin Well, Licence PL289, is expected to significantly improve its exploration potential in the region, though no predictions regarding the size of the reserves have yet to be released.

The current project, which will see Faroe Petroleum work alongside its joint venture partners for this Norwegian licence - namely DONG, Talisman and GDF Suez - is expected to last around 80 days, after which further news will be announced.

Graham Stewart, the firm's chief executive, commented: "Marsvin is a further exciting prospect with significant resource potential, which brings to three the number of North Sea wells we are currently drilling.

"In addition to Marsvin we are currently drilling the Topaz gas field appraisal well and the East Breagh exploration well, both in the UK southern North Sea."

At the same time, Talisman Energy has announced that it is to sell its North Sea assets to Total Holdings Netherlands in a deal worth around £240 million.

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