Page 18: of Offshore Engineer Magazine (Nov/Dec 2019)

Exploration Outlook

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FEATURE Marginal Fields

Marginal Fields,

Global Opportunity

Unlocking marginal fields in the UK North Sea has led to a project comparing a global database of fields, discoveries and prospects, to clarify strategy for license holders and the supply chain alike in petroleum basins.

Mike Cooper, 1st Subsurface, outlines the work and the prize.

Source all ? gures: 1st Subsurface n 2015, a project was launched to regions of the North Sea which is fac- transform the region’s fortune. unlock stranded and small discov- ing a dramatic decline if no further eries in the UK Outer Moray Firth investment is committed. Unlocking What are marginal fields?

I(OMF), one of the most proli? c overlooked marginal ? elds should Marginal ? elds can be de? ned in various ways, but almost always it comes back to the fact that they have barriers to investment. Small size is a common factor, but infrastructure access, access to ? nance and license ownership also constrain develop- ment. For most, a fundamental review of every value driver is required.

The UK Oil & Gas Authority (OGA) estimate there is 3.3 billion barrels of oil equivalent (boe) in over 300 undeveloped discoveries on the

UK continental shelf (UKCS), with 1.17 billion boe identi? ed during the

OMF project (see Figure 1).

In addition to the undeveloped (contingent) resources there are al- most 1 billion boe in risked prospec- tive resources. With such a big prize, how can industry make the opportu- nities investable?

The history of the North Sea has predominantly witnessed the devel- opment of individual assets. Notable

Figure 1: Reserves distribution in the Outer Moray Firth with 1.17 billion boe exceptions have typically been in re- in undeveloped discoveries and a further 0.99 billion boe risked resources in undrilled prospects, according the 2019 OMF Special Interest Group study.

sponse to prior price crises – such as 18 OFFSHORE ENGINEER OEDIGITAL.COM

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