A new initiative could have Aberdeen leading efforts to recover up to 27billion barrels of oil worldwide, according to the Oil, and Gas Technology Centre (OGTC).
Petro-economist Alex Kemp has issued a challenge to industry to help recover the 5.6 billion barrels of North Sea oil which could be “left in the ground” under current estimates.
A new initiative aimed at unlocking 400million additional barrels of North Sea oil has been launched.
“This is the way we tell the story about the small pools,” says Chris Pearson, a solutions centre manager at the Oil & Gas Technology Centre.
Since the 2014 Wood Review, Maximising Economic Recovery has been the remit of the Oil and Gas Authority. To achieve this, data transparency was a key aim, and in late 2016 the OGA delivered a 'Small Pools' dataset. Here, free data packages were provided for undeveloped resource on the UKCS.
The Oil and Gas Technology Centre (OGTC) has put £2million on the table in a bid to unlock the 225 marginal discoveries in small pools across the UK Continental Shelf (UKCS).
Centrica has said a project by a group of oil and gas companies to unlock small pools in the southern North Sea is progressing at pace.
Industry body Oil and Gas UK (OGUK) has published a blueprint for cutting development costs for so-called small pools in the North Sea by up to 25%.
The North Sea oil and gas industry needs to work out how to tap marginal fields before decommissioning gets into full swing, two industry chiefs warned.
The North Sea is on the verge of a “whole new lease of life” – thanks to hundreds of small pools of oil.
More than three billion barrels of oil equivalent located in 350 unsanctioned discoveries remain in the UKCS, according to new data released by the Oil and Gas Authority (OGA).
It is estimated that there are around 201 small pools containing more than 1 billion barrel of oil equivalent in the North Sea. These pools may be marginal, but they have the capacity to stimulate the much-needed economic recovery of the UKCS.
A drive towards exploiting the millions of barrels of oil in the North Sea's small oil pools could lead the UK's subsea sector to become world leaders in exploiting hard to recover oil supplies and sustain the industry for decades to come, according to a senior industry figure.
The head of the NSRI (National Subsea Research Initiative) has warned that more than a billion barrels of oil could remain locked in the North Sea unless a new approach is taken to develop small pools in the region.