A number of sources have recently reported that the private equity firm Petroleum Equity is looking to sell Alpha Petroleum Resources. Alpha has been working toward the development of the Cheviot field in the Northern North Sea. However, Teekay which had been contracted to supply the Floating Production Storage and Offloading vessel (called Petrojarl Varg) for the Cheviot development, terminated its contract with Alpha stating that the effectiveness of the agreement remained subject to a number of conditions which hadnât been satisfied by the prescribed contractual deadline. Teekay stated that it will look for options to utilise its FPSO which could still involve Cheviot but under a revised financing model. Alpha has received approval from the OGA to develop Cheviot but has not been able to secure financing to take the project to a Final Investment Decision.   Cheviot is a moderate/heavy Jurassic oil field which was formerly known as Emerald. It was originally brought onstream by Midland & Scottish Resources in August 1992 and was later abandoned in 1996 after producing 16.5 MMbo. Premature water breakthrough and lower oil prices made the relatively small field uneconomical at the time. Alpha, formerly known as ATP, was awarded the licence (P1070) in 2003. The field is located in a faulted and dip-closed elongate feature on a transitional shelf between the Shetland Platform and the Viking Graben. The hydrocarbons present are trapped in the Emerald Sandstone at depths ranging between 1,570 m and 1,700 m. The reservoir is sealed by the overlying Heather Formation shales. The oil is believed to have migrated to the west from the Viking Graben into the reservoir.
United Kingdom (East Shetland B. (Viking Graben Province)) Heather