Enegi outlines buoy program for marginal fields

Enegi has formalized its joint venture agreement with Advanced Buoy Technology (ABT).

Offshore staff

MANCHESTER, UK – Enegi has formalized its joint venture agreement with Advanced Buoy Technology (ABT).

The latter has developed proprietary technology using unmanned buoys to develop offshore reserves to depths of 600 ft (183 m) that would normally be considered too marginal to develop. The ABT solution is said to suit fields with recoverable reserves of 5-30 MMboe, in water depths of 60-600 m (197-1,968 ft), with an oil production rate between 1,000 and 20,000 b/d, and an API in the 14-50° range.

Both companies will cooperate to find and develop interests in stranded, offshore oil reserves globally that might suit the unmanned buoy technology. This could include reserves that would otherwise not be available under the normal farm-out process. Enegi says it is in discussions with various operators who with fields that meet the technical criteria.

The company and its advisers are looking to develop lines of credit that would be secured on the reserves and equipment only.

5/30/2013

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