Parkmead, the Aberdeen-based independent oil and gas explorer, has increased its stake in the Perth and Dolphin oil fields in the central North Sea to more than 60% apiece.
Both these fields – which are also operated by Parkmead – are at the core of Parkmead’s major Perth-Dolphin-Lowlander (PDL) oil hub project.
Perth and Dolphin are located in the prolific Moray Firth area of the UK Central North Sea, which contains significant oil fields such as Piper, Claymore and Tartan. Through a series of licensing round successes and strategic acquisitions, Parkmead has established an important position for itself in this area of the North Sea.
As a result of this latest move, Parkmead has increased the Group’s total proved and probable reserves by 19% from 23.5 to 27.9 million barrels of oil equivalent.
PDL is one of the largest undeveloped oil projects in the North Sea and its development as a single project would create valuable economies of scale, by using the same dedicated production facilities, whilst providing a new long-term hub for other future projects in the area.
The three fields have been fully appraised, with a combined total of 13 wells drilled, and contain oil in place of over 400 million barrels. It is expected that recoverable reserves from the PDL oil hub development will be over 80 million barrels of oil, which is double the initial recoverable reserves of the Perth field as a standalone project.
Last month, Parkmead doubled its stake in the nearby Polecat and Marten oil fields.
Tom Cross, Executive Chairman, commented: “These acquisitions strengthen our asset base in the major PDL oil hub project, which is one of the largest undeveloped oil projects in the North Sea.”