by Andreas Exarheas
Friday, October 19, 2018
The OGA initiates a new area plan to maximize economic recovery from the Greater Buchan area of the North Sea, which it says is estimated to contain between 150 and 300 million barrels of oil equivalent.
The UK’s Oil and Gas Authority (OGA) announced Friday that it has initiated a new area plan to maximize economic recovery from the Greater Buchan area of the North Sea, which it says is estimated to contain between 150 and 300 million barrels of oil equivalent.
The OGA also revealed that it will open a supplementary licensing round on the Greater Buchan Area in the first quarter of next year, which will be supported by newly available data.
Situated in the Outer Moray Firth, the Greater Buchan area features “considerable open, currently unlicensed acreage, including a number of undeveloped discoveries,” the OGA states on its website.
The organization is encouraging companies to partner with each other and collaborate to progress exploration and new developments in the area. In advance of the round, the OGA will be hosting an information session in Aberdeen for interested oil and gas companies on November 15.
“A number of companies have already been showing high interest in the Greater Buchan Area, the exciting exploration potential and the many undeveloped discoveries. That’s why we’ve taken the decision to use a supplementary licensing round coupled with an area plan to help unlock the progression of what could be significant remaining resources,” Andy Samuel, OGA chief executive, said in an OGA statement.
“There’s much to play for across this whole region so we are strongly encouraging prospective operators to look beyond individual opportunities and actively partner with other like-minded companies to potentially bring forward mutually beneficial clusters of developments,” he added.
An area plan describes how economic recovery of oil and gas should be maximized in a particular geographical area of the UK Continental Shelf (UKCS), based on the analysis of evidence, according to the OGA’s website.
Back in July this year, the OGA launched the 31st offshore licensing round, offering blocks in frontier areas of the UKCS.
The OGA’s role is to regulate, influence and promote the UK oil and gas industry in order to maximize the economic recovery of the UK’s oil and gas resources. Created as one of the key recommendations of Sir Ian Wood’s 2014 Review of the UKCS, the OGA became an executive agency on April 1, 2015.
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