Orcadian Energy plc has received a one-year extension to its licence P2244 containing the Pilot oil field in the North Sea.
DEVELOPMENT
The second term of licence P2244, granted by the North Sea Transition Authority (NSTA), was due to expire at the end of November 2022 but will now remain valid until the end of November 2023.
Orcadian aims to use the extra time during 2023 to work towards a potential development decision on the Pilot field which has audited proven and probable reserves of 79 million barrels (MMbbl).
The company said that the selected development concept for Pilot was expected to produce 2.6 kgCO2e/bbl of carbon-equivalent emissions, which is approximately a tenth of the emissions intensity of North Sea production in 2021.
LICENCES
In addition to licence P2244, Orcadian holds P2320 and P2482, which contain a further 77.8 MMbbl of 2C contingent resources in the Elke, Narwhal and Blakeney discoveries.
The licences hold 191 MMbbl of unrisked prospective resources and lie in blocks 21/27, 21/28, 28/2 and 28/3, and lie 150 kms due East of Aberdeen.
The company also has a 50% working interest in P2516, which contains the Fynn discoveries.
P2516 is administered by the Parkmead Group and covers blocks 14/20g and 15/16g, which lie midway between the Piper and Claymore fields, 180 kms due East of Wick.