North Sea Reporter is an established and respected weekly publication which provides in-depth news and analysis of the NW European offshore oil and gas industry.
Diamond Offshore reports the deepwater semi-submersible Ocean GreatWhite will be heading to the North Sea to undertake a firm three-well drilling programme for Siccar Point Energy. The contract is scheduled to start in early-March and will cover a firm period of four to five months, plus three well options. One of the firm wells to be drilled is expected to be SPE’s planned exploration well in west of Shetland block 208/2 targeting the Lyon prospect. The well was due to be drilled this year with the West Hercules, but SPE’s drilling plan was not approved by the UK authorities. The 2016-built GreatWhite may be viewed as a more capable unit for the harsh west of Shetland environment.
Point Resources, in the third-quarter 2018 report on 12 November, said the Balder X project to extend the life of both Balder and the Ringhorne field, in blocks 25/11 and 25/8, respectively, to 2045, was progressing according to plan, with a final investment decision looked for in 2019, for a production start-up in 2021. Investment in the project is estimated at NKr15 billion ($1.76 billion). The project involves taking the Jotun FPSO to a yard in 2020 for life extension modifications, followed by relocation to the Balder/Ringhorne area. 16 new subsea wells will then be tied into the FPSO and five additional wells will be drilled in Ringhorne as a continuation of the already sanctioned Ringhorne phase three drilling programme.
The UK’s remaining oil reserves are at a level which is significant enough to sustain production for at least the next 20 years and beyond if additional undeveloped reserves can be matured, says the Oil and Gas Authority (OGA). According to the UK Oil and Gas: Reserves and Resources report, published last Thursday (8 November), overall remaining recoverable reserves and resources range from 10-20 billion barrels plus of oil equivalent. The OGA’s estimate for proven and probable (2P) UKCS reserves at end-2017 are 5.4 billion boe. Last year, 400 million boe were added to 2P reserves and about 600 million boe were produced, which equates to a reserves replacement ratio of 66%.