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Success for oil firms underlines potential of mature area off Scotland

Success for oil firms underlines potential of mature area off Scotland

 

AMID huge excitement about the West of Shetland area, news of a massive find off Aberdeen may prompt firms to look again at what are seen as more mature regions off the UK.

Some firms clearly feel there is a better chance of making worthwhile discoveries in waters where there has been less drilling than in the well-worked Central North Sea east of Scotland.

However, the estimated 250 million barrel oil equivalent find announced by giants Total, CNOOC and Edison yesterday appeared to provide proof there is still potential in that part of the sea.

Ironically, the Glengorm find was unveiled just four months after Total made the eye-catching Glendronach discovery West of Shetland.

Experts noted the latest success came after the partners in the licence showed persistence in the face of the big technical challenges involved in operating in what is a high pressure/high temperature area.

The fact Glengorm lies close to existing facilities which could be used to cut the related development costs, showed there can be advantages to working in the Central North Sea.

The Wood Mackenzie consultancy noted Total and CNOOC have been able to do well off the UK while turning heads with the success they have enjoyed with the drill bit in places such as Guyana and Cypress.

As US majors shift investment from the North Sea to areas seen as more exciting, Total may feel Glengorm provides vindication for its decision to grow in the North Sea amid the turmoil triggered by the crude price slump.

 

Source: The Herald

Published: 30-01-2019

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