Parkmead takes 100% stake in 280m-barrel oil fields west of Shetland

The West Shetland oil field, with Parkmead prospects shaded in yellow.
The West Shetland oil field, with Parkmead prospects shaded in yellow.

Aberdeen oil minnow Parkmead has nearly doubled its stake in the major Sanda North and Sanda South oil fields in the West Shetland area of the UK North Sea.

It now owns 100% in the exploration licence for Sanda North and Sanda South prospects within Block 205-13, which are both operated by Parkmead.

They have the potential to contain 280 million barrels of recoverable oil on a most likely, P50 basis.

Block 205/13 is situated in the Faroe-Shetland Trough in the West of Shetland region of the UK North Sea, to the north east of the Lancaster field. The Primary play fairway developed on this acreage is the Paleocene Vaila Formation which forms the reservoir in the important nearby oil fields at Foinaven, Schiehallion and Loyal, and also in the Laggan and Tormore gas discoveries which are situated to the north east of Sanda.

Parkmead geoscientists has already undertaken extensive seismic reprocessing work on the licence and has recently acquired detailed geochemical data from the previously drilled well. This new data will be analysed to further de-risk the target ahead of a drilling decision at Sanda.

Meanwhile, high-impact exploration plans are occurring close to the Parkmead-operated Polecat and Marten oil fields in the Central North Sea.

Statoil has recently farmed into a licence covering Blocks 20/5b & 21/1d, approximately 12km east of Polecat and Marten. It has been announced that Statoil is currently undertaking a tender process for the hiring of a drilling rig, expected to be awarded in the near future, in respect of a planned exploration well to be drilled targeting the Verbier prospect this summer.

A Parkmead spokesman said: “Verbier lies in the same play fairway as Polecat and Marten, and shares many similarities with these fields. In light of the findings of the Wood Review and the Maximising Economic Recovery (MER) strategy, a discovery at Verbier could have the potential to considerably increase the value of nearby oil and gas assets already owned by Parkmead.”

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