North Sea independent Antrim Resources has agreed a deal which could see the use of new buoy technology to develop its Fyne field.
Fellow independent Enegi, along with its joint venture partner ABTechnology, is to work up a new field development plan (FDP) for Fyne, in the central North Sea.
This will be based on ABT’s buoy technology. Enegi will meet the costs of preparing the FDP, but would earn 50% interest in the license containing Fyne, on approval of the FDP by the UK’s Department of Energy and Climate Change (DECC).
ABT’s buoy technology uses an unmanned buoy just below the surface of the water and housing production and processing equipment. Oil produced is then offloaded to a tanker for transport to market.
Under a license amendment agreed with DECC, the FDP will be submitted by the end of the January 2014, with first production before 25 November 2016.
Enegi and Antrim have also agreed “an area of mutual interest” immediately adjacent to the Fyne Field and containing additional discoveries, which could potentially be tied back into a Fyne development.
Fyne is in UK License P077, which covers Block 21/28a in the central North Sea. According to Enegi, it has 2P reserves of 9.9MM bbls. Five wells have been drilled on the field with free flow test rates of up to 4,000 bopd.
A FDP had already been drafted by Antrim for Fyne. Enegi says much of the work that has already been completed will be retained. It has started a front end engineering development study based on buoy technology for the updated FDP.
Image: ABTechnologies' buoy technology.