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    Parkmead seeking partners for North Sea GPA development

    Aug. 18, 2022
    Parkmead has engaged Gneiss Energy to manage a farm-out process for the company's 100% interest in the proposed Greater Perth Area (GPA) development in the UK central North Sea.
    Courtesy Parkmead LinkedIn
    Parkmead Group 62fe715bb8c65

    Offshore staff

    Courtesy Parkmead
    Parkmead was awarded two significant new licenses in the Central North Sea as part of the UK 30th licensing round.
    Parkmead was awarded two significant new licenses in the Central North Sea as part of the UK 30th licensing round.

    ABERDEEN, UK — Parkmead Group has engaged corporate finance advisory specialist Gneiss Energy to manage a farm-out process for the company's 100% interest in the proposed Greater Perth Area (GPA) development in the UK central North Sea, according to a July 29 Parkmead news release.

    This covers multiple discoveries, with the main Perth Field holding an estimated 55 MMboe.

    According to Parkmead, the wider GPA project could deliver 75 MMboe to 130 MMboe via tie-ins to existing infrastructure.

    No further appraisal drilling is required, the company added, with the constituent fields having tested good-quality 32-37°crude at rates of up to 6,000 bbl/d.

    Parkmead has held talks with the owners of the nearby Scott Field facilities on a potential tieback. Scott is 6 miles southeast of the Perth Field.

    Studies are said to have confirmed that there are no technical issues that would prevent the transportation and processing of fluids from the Perth producing wells, through the offshore infrastructure and on to the onshore facilities.

    Parkmead is also working with suppliers on ways of maximizing the oil production and plans a net-zero study to comply with UK regulatory requirements.

    The company added that the new UK Energy Profits Levy, with its associated investment allowance of up to 91%, has created an incentive for producers to invest in new UK North Sea developments.

    08.18.2022