LONDON – UK North Sea independent Pharis Energy has renamed itself Orcadian Energy (CNS).
Orcadian refers to the Orkney Islands north of mainland Scotland, the location of the Flotta terminal where the company could land oil from its latest North Sea license award.
It is also connected with the cetacean theme of Orcadian’s oilfields on the Western Platform of the UK central North Sea, Pilot, Harbour, Narwhal and the Bowhead prospect.
Orcadian owns the P2244, P2320, and P2482 licenses that hold combined in-place oil of more than 500 MMbbl in the Pilot, Elke, Narwhal, Blakeney, Harbour, Feugh, Dandy and Crinan fields.
For Pilot, the largest oil field in the portfolio, the company plans a low-salinity polymer flood development and has submitted a concept select report to the Oil and Gas Authority.
It is also working on initiatives to limit emissions from the proposed scheme, which it expects to be about half of the UK continental shelf average.
The company recently secured a 50% interest in P2516 under the UK’s 32nd licensing round, operated by Parkmead, containing the Fynn (Andrew) discovery and part of the Fynn (Beauly) discovery.
Its location is between the producing Piper and Claymore fields, 180 km (112 mi) east of Wick.