News Oil & Gas

Orcadian signs core services MoU for Pilot oil field

Orcadian Energy plc has signed a binding memorandum of understanding with SLB to deliver core services for the wells on the company’s Pilot oil project in the North Sea.

Separate: consulting arrangement will see Orcadian and SLB progress a project value optimisation process (Pixabay – generic)

TECHNOLOGIES

The companies and chosen well operator Petrofac will plan a comprehensive project agreement with a strong focus on decarbonisation.

Orcadian chief executive Steve Brown said that Pilot was currently planned to be developed with 34 wells.

“Delivering those wells for the least cost with the right completion technologies to maximise sweep of the reservoir is critical to the success of the Pilot development.

“Pilot is a key UKCS development project which should pave the way for the industry to unlock up to 3 billion barrels of viscous oil discoveries on the UKCS.”

Technologies from SLB (formerly Schlumberger) include polymer flooding and floating wind power.

OPTIMISATION

Under a separate consulting arrangement, Orcadian and SLB also intend to progress a “project value optimisation process”.

The process aims to deliver a plan for drilling and completing the Pilot wells to maximise economic recovery and minimise emissions from both well construction and operation of the downhole pumps on the wells. 

Orcadian added that SLB’s technologies would help finalise the field development plan.

INCENTIVES

The company plans to include incentives for its partners to deliver the optimum number of wells to maximise efficient sweep of the reservoir, at the least cost and with the lowest emissions possible.