Parkmead, the UK and Netherlands-focused independent energy group, has significantly increased its equity in the Perth and Dolphin oil fields in the UK Central North Sea. The Perth and Dolphin fields lie at the core of Parkmeadâs Greater Perth Area ('GPA') oil hub project. The Group has increased its equity in these licences from 60.05% to 100%. The Company has also signed an agreement with Nexen Petroleum, a subsidiary of the China National Offshore Oil Corporation (CNOOC), to conduct a detailed engineering study in relation to the potential subsea tie-back of the Greater Perth Area project to the Nexen operated Scott platform and associated facilities in the UK Central North Sea. The Scott facilities lie just some 10km southeast of Parkmeadâs GPA project. In addition, Parkmead has commissioned a new reservoir study with AGR Tracs International in relation to well stimulation, which could lead to increasing oil flow rates and oil reserves recovery from the two fields by analysing the effect of fracture stimulation on the reservoir. HIGHLIGHTSÂ  GPA is one of the largest undeveloped oil projects in the North Sea Increased equity in the Perth and Dolphin fields raises Parkmeadâs 2P reserves by 63% from 28.4 to 46.3 million barrels of oil equivalent ('MMBoe') Parkmead now in full control of the GPA oil hub project with operatorship and 100% equityÂ Â  Agreement signed with Nexen Petroleum, a subsidiary of CNOOC Ltd, to undertake a detailed engineering study for the potential subsea tie-back of the GPA project to the Nexen operated Scott facilities in the Central North Sea Nexenâs Scott facilities lie approximately 10km southeast of Parkmeadâs GPA projectÂ  Subsea tie-back has the potential to transform the GPA project, commercially and economically, in addition to dramatically reducing the cost to achieve first oil production New reservoir study with AGR Tracs International could substantially increase the assumed recovery factor of the oil-in-place volumes at the Perth field, which stands at 197 million barrels of oil (âMMBblsâ) for core Perth and 498 MMBbls including the northern areas of the field The Perth reservoir has a gross oil column of around 2,000 feet, making the reservoir ideal for fracture stimulationÂ  Parkmead is in discussions with a number of leading, international service companies in relation to the GPA project The Perth and Dolphin fields are located across Blocks 15/21a, b, c and f & 14/25a in Licences P.218, P.588 and P.2154. Parkmead has increased its equity in these licences from 60.05% to 100%, which has driven a 63% increase in Parkmeadâs 2P reserves from 28.4 MMBoe to 46.3 MMBoe.Â  The Scott field lies approx. 10km southeast of Perth and is operated by Nexen. A tie-back of the GPA project to the Scott facilities could yield a number of mutually beneficial advantages for both the Scott partnership and Parkmead. Utilisation of this export route has the potential to transform the GPA project commercially and economically, dramatically reducing the capital expenditure required to bring the GPA project onstream and operating costs thereafter.Â  The study with Nexen will specifically be looking at the detailed engineering of the tie-back, including topside modifications and processing at Scott, as well as caisson design work. Subsea 7 and Ingen (a subsidiary of Amec Foster Wheeler) will be providing additional technical expertise during the study.Â  Parkmead has also commissioned a new reservoir study with AGR Tracs International in relation to well stimulation. The outcome of this study could substantially increase the predicted recovery factor of the two fields by analysing the effect of fracture stimulation on the reservoir. The Perth field benefits from having a very large volume of oil-in-place, which stands at 197 MMBbls for core Perth, and 498 MMBbls when including the northern areas of the field. The Perth reservoir has a gross oil column of c.2,000 feet, making the reservoir ideal for fracture stimulation. Perth and Dolphin are located in the Moray Firth area of the UK Central North Sea, which contains very large oil fields such as Piper, Claymore and Tartan. Through a series of licensing round successes and strategic acquisitions, Parkmead has established a key position in this area of the North Sea. Perth and Dolphin are two substantial Upper Jurassic Claymore sandstone accumulations that have tested 32-38Â° API oil at production rates of up to 6,000 bopd per well. At Perth, the Claymore Sandstone forms a combined structural-stratigraphic trap, onlapping the Tartan Ridge to the North, with a southward-thickening and dipping sandstone wedge. The sandstones that comprise the accumulation were deposited as deep-water turbidites sourced from the Halibut Horst, with a minor contribution from the Tartan Ridge. Parkmead made a number of important growth steps during 2017 in relation to the GPA project. An invitation to tender was announced to the service provider market, covering the pre-FEED, FEED and subsequent development phases of the project. Parkmead was pleased to report that 13 alliance submissions were received, comprising 35 companies, across all project components of drilling, subsea construction and export route options. After evaluating the proposals, Parkmead is holding onward discussions with a number of leading, internationally renowned service companies.Â  The majority of the proposals have focused on innovative approaches to the potential development, with significant new work carried out on well planning, timeline to production and financing. A number of the proposals have also offered finance to the Group for major parts of the development, further reducing the capital expenditure required to bring the project onstream. Tom Cross, Executive Chairman, commented:Â  'We are delighted with the significant progress we have achieved with the Greater Perth Area project. By increasing our stake in the Perth and Dolphin oil fields, Parkmeadâs oil and gas reserves grow by some 63%.Â  The study with Nexen will examine one path to potentially unlock the substantial value of the GPA project for the benefit of the UK and Parkmead shareholders, as well as providing further value for the existing infrastructure partners.' Original article link Source: Parkmead 
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