The partnership behind a revolutionary new technology aimed at resurrecting the uneconomic Fyne field plans says it is in talks over deploying the system elsewhere.
The union between ABTechnology and Enegi Oil will see the Aberdeen firm’s unmanned buoy system deployed on the Fyne field – which is thought to hold nearly 10million barrels of oil.
The companies have launched a joint venture, ABT Oil and Gas, which is now looking at other opportunities for the buoy.
“In partnership with ABT, Enegi has agreed a deal with Antrim Energy for the Fyne oil field and has secured two licences in the UKCS with a view to using ABT’s buoy solution to develop them,” Enegi said today.
“Interest in this business model is high and ABT Oil & Gas is in discussions with a number of operators and have identified a number of strong, unlicensed targets.”
The talks come as Enegi said it was looking to build its assets in marginal fields, where low-risk finds on previous appraised fields could be utilised.
“We will continue to build a diverse portfolio assets, but with a strong emphasis on acquiring interests in marginal fields,” said chairman Alan Minty.
“These assets are low risk and highly-appraised and, consequently, our entry cost will be low. We will look to develop these assets utilising ABT’s buoy technology, an appropriate solution which changes the development economics, enabling the early booking of reserves and further development projects.
“The implementation of this strategy is already well underway with the commencement of work on the Fyne oil field and negotiations are continuing as we look to add further assets to our portfolio.”