Partners set to work on newly awarded North Sea heavy-oil license
Aug. 2, 2024
Britain’s North Sea Transition Authority (NSTA) has formally awarded a 50:50 joint venture between Parkmead and Orcadian Energy the P2634 license in the central North Sea, under the 33rd UK offshore licensing round.
The license, in the Outer Moray Firth offshore northeast Scotland, covers blocks 14/15a, 14/20d and 15/11a. Parkmead (as operator) and Orcadian will work to commercialize Fynn Beauly, one of the UK’s largest undeveloped heavy-oil discoveries containing an estimated 740 MMbbl to 1.33 Bbbl in place.
Three wells have been drilled on the field to date.
Under the approved three-year work program, the partners will conduct geophysical, geochemical, reservoir modeling and production technology studies, assessing the feasibility of reducing the oil viscosity using enhanced oil recovery techniques.
These could include a combination of polymer flooding with geothermal heat uplift to improve recovery.
