Offshore staff
LONDON, UK -- Star Energy Group is farming into Virgo's Forbes field in UK North Sea block 43/8. Under the agreement, Star will conduct a feasibility study to determine Forbes' suitability for a gas storage role.
Hamilton Oil developed the field via a tieback to Esmond. Prior to abandonment, it produced 48 bcf of gas, and Star believes there is a remaining working gas capacity of up to 50 bcf. The company plans to acquire new 3D seismic over Forbes; if the study results prove positive, it would also undertake a front-end engineering design study.
The farm-out arrangement allows Star to earn up to 50% of the license, and to become field operator if the gas storage project goes ahead. Star believes the UK will need to add a further 200 bcf of storage capacity over the next five years to approach levels of security currently prevalent among more import-dependent countries in Europe.
12/19/2006
