LONDON--Independent oil and gas company Faroe Petroleum PLC (FPM.LN) said Friday the Njord production facility has been selected as preferred concept for Pil & Bue development in Norway.

Faroe said the partners in the Pil & Bue discoveries (license PL586) have decided that a subsea development solution tied back to the Njord platform in the Norwegian Sea is the preferred concept for development of the Pil & Bue discoveries.

Faroe also holds a 25% stake in the Pil & Bue discoveries.

The Njord partners comprises; Statoil Petroleum AS which holds a 20% stake and is the operator, Engie E&P Norge AS has 40%, DEA Norge AS has 30%, Faroe Petroleum Norge AS holds 7.5% stake and VNG Norge AS has a 2.5% interest.

The Njord production facility is currently in Kvaerner's Stord facility in Norway undergoing extensive modifications in order to increase materially its operating life and accommodate a number of new satellite field tie-back developments including Pil & Bue.

-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter: @Raztweet

(END) Dow Jones Newswires

November 04, 2016 03:55 ET (07:55 GMT)