UK’s Oil and Gas Authority (OGA) started a new Area Plan to maximise economic recovery (MER) from the Greater Buchan area of the North Sea. It is asking oil and gas operators to cooperate to develop the 150-300 million barrels of oil equivalent (mmboe) estimated to be present in the area.
The Greater Buchan area has considerable open, currently unlicensed acreage, including a number of undeveloped discoveries. To maximise recovery of the recoverable resources in the area, the OGA will open a Supplementary Licensing Round in Q1 2019 which will be supported by newly available data.
Before the round, the OGA will be hosting an information session in Aberdeen for interested oil and gas companies on 15 November 2018. Then OGA will provide an overview on the timing and process of the Supplementary Licence Round and give further details on the supporting information which will be made available.
According to Andy Samuel, OGA Chief Executive, a number of companies have already been showing high interest in the Greater Buchan Area, that’s OGA decided to use a supplementary licensing round coupled with an Area Plan.
There’s much to play for across this whole region so we are strongly encouraging prospective operators to look beyond individual opportunities and actively partner with other like-minded companies to potentially bring forward mutually beneficial clusters of developments.
