Page 19 - EurOil Week 31

EurOil PROJECTS & COMPANIES EurOil

Providence bands with partners

at Barryroe field

IRELAND IRISH explorer Providence Resources is bring- for production.”
ing on board partners at the Barryroe oil and gas The Barryroe oilfield was found by Prov-
SpotOn will lead field, although a farm-out agreement has not idence in 2012 and represents Ireland’s larg-
development once a been finalised. est offshore oil discovery. It is estimated to
farm-in deal is sealed. Talks are ongoing with SpotOn Energy, Prov- hold almost 350mn barrels of oil equivalent
idence said in a London Stock Exchange (LSE) (boe). Providence has struggled to secure a
filing on July 31, noting that the Norwegian firm farm-in partner, however, with two deals col-
had gained approval to share details on other lapsing in 2015 and 2018. The last agreement
companies in the farm-in consortium. with China’s APEC, which failed to come up
SpotOn’s partners are oilfield services firms with the necessary funds to complete the
Schlumberger, Aker Solutions, AGR, Maersk transaction.
Drilling Keppel FELS and Aibel. The group Providence said SpotOn was a preferred
intend to farm into Providence’s standard explo- farm-in candidate in April and the pair hope
ration licence 1/11 in the North Celta Sea Basin to close the deal in October. They are currently
containing Barryroe. working closely to optimise appraisal and devel-
“When fully developed, we believe the Barry- opment plans.
roe field, producing indigenous oil and gas, can “We are looking forward to building a close
support energy security and stability in Ireland relationship with the consortium and progress-
for many years to come,” Providence CEO Alan ing the development of the Barryroe oil and gas
Linn said in a statement. field,” Linn said. “Providence supports the gov-
SpotOn will lead development once a ernment’s drive for a carbon neutral economy by
farm-in deal is sealed, saying it offered “a new 2050.”
approach to cost effective offshore oil and gas Ireland’s new coalition government has
development.” Its group’s “alignment of interest pledged to ban the issue of new oil and gas per-
is intended to keep down development costs by mits in order to decarbonise the country, poten-
agreeing deferred payment terms for the project tially posing difficulties for Barryroe and other
and including the consortium in equity returns projects. ™

NEWS IN BRIEF

Union Jack Oil expects to significant Cadeby prospect,” he said in a sum basis, involves design, engineering,
fabrication and installation (including
statement.
be drilling at West Newton managed to make excellent progress with hook-up and commissioning assistance)
“We are delighted that the operator has
of two normally unmanned production
within weeks the B site operations despite the extreme platforms for the Southwark and Blythe gas
fields.
challenges thrown up by events since March
Union Jack Oil has told investors that drilling 2020. We are fortunate to be in a position IOG has been working with HSM
is due to kick off in “the next few weeks” at the where the West Newton JV is fully funded since late 2019 under pre-contractual
West Newton project, where an appraisal well for its planned drilling and testing activities.” arrangements concerning platform design
will follow up last year’s successful discovery. Bramhill added: “The potential of the and fabrication activities at the latter’s yard
The plan also includes the combined onshore West Newton project to Union at Schiedam in the Netherlands.
testing of the new well, West Newton B-1 Jack is significant due to its oil and gas Fabrication activities are said to be
(WNB-1), and the existing West Newton A-2 volumes and reduced onshore development progressing well, and offshore installation is
(WNA-2) discovery well. costs compared to alternatives resulting in planned for H1 2021.
The base-case estimates for the project see economics that are highly favourable and Phase 1 is focused on development
some 146.4mn barrels of oil initially in place a very valuable project from an industry and production of the Southwark, Blythe
and 211.5bn cubic feet of gas, whilst the perspective.” and Elgood gas fields through a total of
upside version anticipates 283mn barrels of five production wells, with gas sent to the
oil and 265.9 bcf of gas. Bacton terminal on the Norfolk coast via
Executive chairman David Bramhill said IOG picks HSM as platforms the 24-in. subsea Thames Pipeline system.
he is looking forward with enthusiasm at the The Southwark Hub platform will be
West Newton plans. provider a key installation for Phase 1 and other
“The drilling of the WNB-1 well is planned developments, IOG said, while
important for the West Newton project for Independent Oil and Gas has awarded HSM Blythe’s platform will be the focal point
appraisal of the Kirkham Abbey formation the EPCI contract for its Core Project Phase of the Blythe Hub, including the Elgood
that was penetrated successfully in A-2 well 1 platforms in the UK southern North Sea. subsea tieback.
as well as targeting the deeper and potentially The contract, which is mostly on a lump-

Week 31 06•August•2020 www. NEWSBASE .com P19