The Parkmead Group could use geothermal energy instead of injecting hot water to reduce oil viscosity for enhanced recovery in Fynn Beauly in the central North Sea.
SUBSTANTIAL
The discovery is part of three new offshore blocks 14/15a, 14/20d and 15/11a in a new licence awarded to the operator’s 50-50 joint venture with Orcadian Energy plc in the 33rd licensing round.
The licence contains seven undeveloped oil discoveries within Mesozoic and Palaeozoic reservoirs, of which the most substantial is Fynn Beauly situated between the Claymore and Piper fields.
“Fynn Beauly is one of the largest undeveloped oil accumulations in the UK, with estimated gross P50 contingent resources of 292 million barrels,” said Parkmead.
“The field extends across all three awarded blocks and is estimated to contain oil-in-place of between 740 and 1,330 million barrels.
“This is an important award because the acreage which encapsulates this significant oil field has not previously been licensed to a single partner group, creating an exciting opportunity for Parkmead and Orcadian to advance the development of this substantial, previously untapped resource.”
With no current major capital outlay, the partners will assess the feasibility of reducing Fynn Beauly oil viscosity using enhanced oil recovery techniques.
“This work will include assessing the potential to utilise geothermal energy as part of the recovery mechanism to avoid the need for injected hot water,” added the company.
“This would allow for the delivery of a successful development of this major field which is in line with the NSTA’s net zero strategy.”