Parkmead Increases Stake in Perth and Dolphin Oil Fields to 100% and Signs Agreement with Nexen Petroleum to Study Potential Tie-Back
Tuesday 13 February 2018
Parkmead, the UK and Netherlands-focused independent energy group, is delighted to announce it has significantly increased its equity in the Perth and Dolphin oil fields in the UK Central North Sea. The Perth and Dolphin fields lie at the core of Parkmead’s Greater Perth Area (“GPA”) oil hub project. The Group has increased its equity in these licences from 60.05% to 100%.
The Company has also signed an agreement with Nexen Petroleum, a subsidiary of the China National Offshore Oil Corporation (CNOOC), to conduct a detailed engineering study in relation to the potential subsea tie-back of the Greater Perth Area project to the Nexen operated Scott platform and associated facilities in the UK Central North Sea. The Scott facilities lie just some 10km southeast of Parkmead’s GPA project.
In addition, Parkmead has commissioned a new reservoir study with AGR Tracs International in relation to well stimulation, which could lead to increasing oil flow rates and oil reserves recovery from the two fields by analysing the effect of fracture stimulation on the reservoir.