The acknowledgment paves the way for finalization of the ‘assessment phase’ and entry into the ‘authorization phase’ for development planning for the field.
Orcadian plans to apply polymer flooding to maximize economic recovery from the field, via an FPSO, two wellhead platforms, and more than 30 production and injection wells. Most of the energy requirements would come from a local floating wind turbine supplemented by associated gas.
Crondall Energy estimates Scope 1 and Scope 2 emissions over the life of field to be 2.6 kgCO2e /bbl, around one-eighth of the North Sea average of 20 kgCO2e/boe in 2020, and less than half the lowest emitting oil facility currently operating on the UK continental shelf, Orcadian added.
The company will now seek to advance the field development plan and progress the project through the authorization phase, focusing on securing provision of an FPSO, with three providers already identified.
Commercial terms offered by the contractors will largely define the project’s capital requirement.