Orcadian offered two prospective UK North Sea licenses

Feb. 27, 2024
The NSTA has offered Orcadian Energy positions in two licenses covering multiple blocks in the central North Sea.

Offshore staff

LONDON – Britain’s North Sea Transition Authority (NSTA) has offered Orcadian Energy positions in two licenses covering multiple blocks in the central North Sea, under the UK’s 33rd Licensing Round.

The Fynn license, adjacent to the company’s former P2516 license, contains a viscous heavy-oil discovery, Fynn Beauly, with an estimated P50 recoverable resource of 292 MMbbl, according to the proposed operator Parkmead (E&P). Fynn Bealy is located between the producing Claymore and Piper fields

Orcadian intends to take a 50% interest in the Fynn license which covers blocks 14/15a, 14/20d and 15/11a, and contains other Mesozoic/Palaeozoic oil discoveries.

CEO Steve Brown said Fynn Beauly extends across all three awarded blocks and could hold 740-1,330 MMbbl.

“This is an important award because the acreage which encapsulates this significant oil field has not previously been licensed to a single partner group…

“The current licence commitment requires no major capital outlay.  The work program is focused on assessing the feasibility of reducing Fynn Beauly oil viscosity using enhanced oil recovery techniques.

“This work will include assessing the potential to utilize geothermal energy as part of the recovery mechanism to avoid the need for injected hot water.”

Orcadian’s other new license, the Mid North Sea High award, contains shallow gas prospects and leads, with the two largest prospects, Glenlough and Breckagh, accounting for around 80% of the projected recoverable resource of 336 bcf.

The company intends to operate in partnership with Australia’s Triangle Energy.

The Mid North High Sea licence covers blocks 29/16, 29/17, 29/18, 29/19, 29/21, 29/22, 29/23, 29/27 and 29/28. Orcadian sees potential to use wind power to compress the gas for export. The company applied for a third area in the southern North Sea, which it hopes it will be awarded at a later date.