Jersey Oil & Gas (JOG) announced that a new analysis showed a “significant” increase in 2C contingent resource estimate for the Buchan oil field within the Greater Buchan Area (GBA) in the Central North Sea.
BUCHAN FIELD
The independent upstream hydrocarbon company reported 126 million stock tank barrels (MMstb) of the P50 estimate of technically recoverable resources for the Buchan oil field.
This represented an increase of more than 50% on previous estimates derived from a decline curve analysis.
Today’s published results come ahead of the launch later this quarter of JOG’s GBA farm-out process to attract partners for the North Sea area hub development project
JOG said that the Buchan sandstone reservoir was well connected, of dual porosity and permeability system and that the oil quality was light sweet crude at 33.5° API.
The expected ultimate recovery factor is 54% of original oil in place, with historic field production having recovered 29% of the P50 stock tank oil initially in place (STOIIP) estimate.
DEVELOPMENT CONCEPT
Planned future production would be achieved using optimally located deviated wells placed high in the structure with water injection.
| Buchan Contingent Resource Estimates | P90 | P50 | P10 |
| STOIIP (MMstb) | 426 | 507 | 615 |
| Remaining Technically Recoverable Resource Volumes (MMstb) | 72 | 126 | 184 |
| Historic Production (MMstb) | 148 | 148 | 148 |
| Total Recovery Factor | 52% | 54% | 54% |
| Development Plan – Well Count | 4 producers 2 water injectors | 5 producers 2 water injectors | 8 producers 4 water injectors |
As a result of the resource estimate increase, the GBA core volume including the Buchan oil field and volumes from the J2 and Verbier oil discoveries, is now forecast to have 2C contingent resources of 162 MMstb or 172 million barrels of oil equivalent (MMboe) including associated gas.
The company has chosen its preferred development concept for the GBA hub development and is now finalising the concept select report and economics for submission to the Oil and Gas Authority.
JOG aims to start front end engineering design (FEED) during Q3 2021 and is also working on electrifying the GBA to make it a low-carbon emissions project.
POTENTIAL
“These compelling results demonstrate the substantial inherent value of the Buchan field and the wider GBA development,” said JOG’s chief executive Andrew Benitz.
“We recognised the potential of Buchan at an early stage and have maintained our strategic focus on this area in the heart of the Central North Sea with the benefit of aggregation of high value assets becoming self-evident.
“We look forward to formally engaging with industry in due course and attracting the right industry partnership aligned and committed to the GBA’s future success.”
ASSESSMENT
Dynamic reservoir modelling of the P50 stock tank oil initially in place (STOIIP) case was recently completed by Schlumberger Oilfield UK.
The project aimed to provide a “robust forecast” for the P50 case for the Buchan oil field based on all available subsurface information and history matched 36 years of production data.
The results were independently peer reviewed, as part of a wider scope reviewing the development concept, by engineering and technical consultancy Vysus Group.