–News Direct–
Orcadian Energy CEO Steve Brown tells Proactive's Stephen Gunnion the company has realised its "dream deal" with farm-out of an 81.25% interest in licence P2244, which contains the Pilot oilfield, to Ping Petroleum UK plc. Ping is focused on shallow water offshore production and development opportunities and has a significant acreage holding to the East of Pilot.
Speaking to Proactive's Stephen Gunnion, Brown said Orcadian has introduced a polymer flood development plan aimed at improving oil recovery from the viscous oil in the Pilot field, discovered in 1989. This method involves using polymer to enhance the viscosity of water, creating a more stable flood front and significantly reducing fluid handling requirements.
Additionally, Orcadian Energy has implemented green technologies to minimise CO2 emissions, including plans to integrate renewable energy sources like wind turbines into their operations.
It will retain an 18.75% stake in the Pilot field with no immediate capital commitments until production begins.
Looking ahead, the immediate focus is selecting an FPSO (Floating Production Storage and Offloading) vessel, essential for detailed development and environmental plans.
Brown said the company also secured two new licences in the 33rd licensing round and awaits approval for a third. These developments could significantly enhance Orcadian's asset portfolio and contribute to energy security by expediting production from potential gas fields.
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View source version on newsdirect.com: https://newsdirect.com/news/orcadian-energys-new-partnerships-and-licences-poised-to-enhance-uk-energy-security-163585289
Orcadian Energy PLC
COMTEX_451282306/2655/2024-04-23T09:23:15
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