Offshore staff
LONDON – Britain’s North Sea Transition Authority has granted an extension to Phase A of Orcadian Energy’s P2320 Innovate License in the UK North Sea to May 14, 2023.
The license’s initial term end date has also been extended until November 14, 2024.
Orcadian’s preferred method of managing excess gas during the production phase of its planned development of the Pilot field is to inject it into the gas cap on the Feugh reservoir in P2320.
This, it claims, would eliminates inessential flaring, and would mean that gas would also be available to power the gas engines that will provide reserve power capacity during periods of windlessness (the development will draw on wind power for offshore operations).
Recently Orcadian completed interpretation of newly reprocessed seismic data, licensed from TGS, over the Pilot, Feugh and Blakeney discoveries and the Bowhead prospect. In Pilot’s case, the company estimates that the oil-in-place for the development will increase by about 10%-15%.
For P2320 to proceed into the drilling Phase ‘C,’ Orcadian will need to present to NSTA a fully financed proposal for drilling a well into the Tay reservoir. This could be a Bowhead exploration well, a production/injection well on Feugh, an exploration well on the Carra prospect, or an updip appraisal well on the Pilot channels.
It is currently finalizing the terms of a previously announced farm-out of a 50% interest in the Carra prospect to Carrick Resources.
4.13.2022
