UK’s Oil and Gas Authority (OGA) has launched the Supplementary 31st Offshore Licensing Round in an attempt to maximize economic recovery from the Greater Buchan area of the North Sea. The licensing round gave an opportunity to collaborate and maximise economic recovery to more than 300 million barrels of oil equivalent in the Greater Buchan Area.
The area, that is placed in the Outer Moray Firth in the North Sea, embodies approximately 5.800 square kilometres of unlicensed acreage, also including a number of undeveloped discoveries and prospects.
Moreover, the Buchan field came online in 1981 using the Buchan Alpha floating drilling rig which was on station for around 36 years.
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As the rig reached an end of its design, it has been removed from the location.
Yet, OGA stated that there are remains of oil and gas resources in the Buchan reservoir and the Greater Buchan region, which makes the area still valuable.
The Authority added that it aspires to develop an Area Plan with the industry to maximize the economic recovery of the remaining resources.
The Supplementary Round that was announced in October 2018, was supported by an advanced release of substantial information and data, including seismic data packages.
Therefore, OGA continues having available more data including well data for 154 wells, 3D seismic surveys, relinquishment, and technical reports.
In November OGA responded that it attracted for it Supplementary Round, attracted 36 applications covering 164 blocks in the area.
Concluding, the next round, the 32nd Offshore Licensing Round, is planned to open in the summer of 2019 and will focus on mature areas of the UKCS.
