Schlumberger performed dynamic reservoir modeling of the P50 stock tank oil initially in place, using its INTERSECT high resolution reservoir simulator.
This drew on all available subsurface information, including inputs from PGS’ 2018 3D seismic survey data, along with static and dynamic well data and historic production data, before the field was shut down.
The workstream was independently assessed as part of a review of the development concept by consultancy Vysus Group.
Results suggest technically recoverable resources for Buchan of 126 MMbbl, more than 50% higher than previous estimates derived from decline curve analysis.
According to JOG, Buchan’s sandstone reservoir is a well-connected, dual porosity and permeability system containing light, sweet crude at 33.5° API.
The ultimate recovery factor is now estimated at 54% of original oil in place, with historic field production having recovered 29% of the P50 estimate. JOG plans optimally-placed deviated wells high in the structure, with water injection.
Due to the increase, 2C volumes from fields in the GBA, including the J2 and Verbier discoveries, are now thought to be 162 MMbbl, or 172 MMboe, including associated gas. This is encouraging, the company pointed out, as higher volumes help reduce unit costs and drive economic efficiencies.
JOG has selected its preferred development concept for the GBA hub development, and is currently finalizing its concept select report and economics for submission to Britain’s Oil and Gas Authority, with a view to starting FEED in 3Q 2021.
Later in the current quarter the company plans to initiate a GBA farm-out process with a view to attracting partners for the project.