OSLO, Norway --Hydro is acquiring Chevron's operating interests in the Bressay and Mariner heavy oilfields in UK North Sea Quadrant 9.
The two structures, discovered in the 1970s and 1980s, are among the largest undeveloped deposits on the UK shelf. Chevron, however, has struggled to find a commercial solution for Mariner, despite its strong record with other heavy oil production nearby from the Captain field. It had planned an extended well test to re-assess Bressay's potential.
Subject to approval from the partners and UK authorities, Hydro will acquire 64.6% of Bressay and 45% of Mariner. One of its priorities will be to reduce uncertainties over the two fields' reserves, both of which have been heavily appraised.
Hydro, however, has extensive experience with heavy oil from its Grane and Peregrino projects offshore Norway and Brazil. One solution for the new properties could be to create a hub in this area, which could also tie in other undeveloped prospects in Quadrant 9.