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Parkmead finally nears drilling decision on Skerryvore in UK North Sea

Tommeliten A in Norway sits nearby to Parkmead’s Skerryvore field in UK waters.

Parkmead has said it is nearing a drilling decision on its Skerryvore field in the UK North Sea.

Parkmead has said it is getting closer to a drilling decision on its Skerryvore field in the UK North Sea.

Skerryvore has been waiting for some time, with Parkmead having previously said it was seeking to drill back in 2015.

The firm said that the licence has three main stacked prospects which together could contain 157 million barrels of oil equivalent.

Parkmead said that the firm, along with joint venture partners, have made “excellent progress” over the last 12 months” having recently reprocessed new 3D seismic data and been granted an extension to the licence.

It said: “Volumetrics and economics are currently being finalised ahead of a drilling decision.”

The North Sea operator noted “important activity on several fronts” in the area, with Harbour Energy close to a final investment decision on the adjacent Talbot discovery and NEO Energy continuing redevelopment of the Affleck field, and Shell recently spudding the high-impact Edinburgh well.

It noted that Skerryvore is in “close proximity” to ConocoPhillips’ Tommeliten A installation.

Parkmead is operator with 30%, along with partners Serica Energy (20%), CalEnergy Resources (20%) and NEO Energy (30%).

Elsewhere, Parkmead said it is “assessing draft commercial offers” from the Scott field partnership to use its Greater Perth Area as a tieback – something Parkmead has been reviewing for at least 12 months, while studies on Scott as a host have been taken place as far back as 2018.

In its interim results for the six months to December 31, 2021, published today, the firm noted the recent surge in oil prices, and said that for every $10 increase, the net present value of Perth increases by approximately £130m.

Culled: EnergyVoice