Aberdeen-based Faroe Petroleum posts £26m loss

The company said its acquisition of 18% interest in the Blane oil field would increase production

Aberdeen-based oil and gas exploration company Faroe Petroleum has posted a loss of £26m for 2010 compared with £11.8m for 2009.

Revenue more than doubled to £15.1m but exploration costs rose to £51.4m from £18.3m the previous year.

In October, Faroe bought an 18% interest in the Blane oil field in the North Sea.

The company said its acquisition from Italian energy firm ENI would drive up production.

Chief executive Graham Stewart said: "2010 was an outstanding year for Faroe Petroleum.

"We built on the drilling success of 2009 with two further significant discoveries in Norway on Maria and Fogelberg."