Parkmead Ups Stakes in UK North Sea Oil Fields

Published at 11:21AM - 14/09/16

Parkmead announced it has increased its stake in the Perth and Dolphin oil fields in the UK Central North Sea.

Under the acquisition, the Group based in Aberdeen is raising its equity in the licences to 60.05% in the Moray Firth oil fields.

“We are delighted to have increased our stake in the Perth and Dolphin oil fields, which significantly increases Parkmead’s oil reserves by some 19%,” Parkmead Group Executive Chairman, Tom Cross, said.

Parkmead Ups Stake in Key North Sea Project

“This growth step strengthens Parkmead’s asset base in the centre of the Company’s major PDL oil hub project, which is one of the largest undeveloped oil projects in the North Sea. Parkmead is working intensively to evaluate and execute further value-adding opportunities in its core areas of the UK and Netherlands”, he stated further,” he added.

The Perth and Dolphin fields are operated by Parkmead and are at the core of its major Perth-Dolphin-Lowlander (PDL) oil hub project, which contains large oil fields like Piper, Claymore and Tartan.

Parkmead Moray Firth Oil Field Map
Parkmead Moray Firth Oil Field Map
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Under this transaction, the company will strengthen its relevant position in this area of the UK Central North Sea, increasing its proved and probable reserves by 19% to 27.9 million barrels of oil equivalent (boe).

Polecat and Marten Could Join Key North Sea Project

The PDL, one of the largest undeveloped oil projects in the North Sea, is expected to create “valuable economies of scale” through the use of one single dedicated production facility, while providing a new long-term hub for other projects undertaken in the same area.

This transaction also follows Parkmead’s recent acquisition of an additional 50% equity in the Polecat and Marten fields, announced earlier in August.

The two fields have the potential to bring significant value to Parkmead given their proximity to the PDL project, which means they could be jointly developed as part of the Greater PDL Area Project.

The three fields included in the PDL could contain a total of oil in place of over 400 million barrels.

As well as this, it is expected that recoverable reserves from the PDL oil hub development reach over 80 million barrels of oil.