The Parkmead Group plc has started the farm-out process for its 100% development project in the Greater Perth Area (GPA) in the North Sea.
GPA
The company said it had engaged energy corporate finance advisory firm, Gneiss Energy Ltd, to find a suitable partner or partners for the project.
The core Perth field holds some 55 million barrels of recoverable oil equivalent (MMBoe) on a most likely P50 basis.
Parkmead added that the wider GPA project had the potential to deliver 75 to 130 MMBoe on a P50 basis and could provide material volumes to surrounding infrastructure through extending the field’s life.
GPA is one of the North Sea’s largest undeveloped oil projects and is fully appraised.
The constituent fields have been flow tested at rates of up to 6,000 barrels of oil per day and produced good quality, light crude oil of between 37° and 32° API, added Parkmead.
ENERGY SECURITY
Executive chairman Tom Cross said that the farm-out process had followed extensive technical and commercial work.
“We have secured 100% of the GPA project and delivered a commercial export solution, so now is the right time to drive the project forward with a complementary industry partner.
“GPA is one of the North Sea’s largest undeveloped oil projects and its development would serve to increase the UK’s energy security once onstream.”