Maersk Oil receives approvals for Flyndre and Cawdor fields

Maersk Oil UK Limited has received approval from the UK and Norwegian authorities to develop the Flyndre and Cawdor fields.

Martin Rune Pedersen, Managing Director of Maersk Oil in the UK.

The fields lie approximately 293 km South East of Aberdeen in blocks 30/13 and 30/14 of the UK North Sea (Flyndre and Cawdor) and block 1/5 of the Norwegian North Sea (Flyndre only).

The Flyndre field was discovered in 1974 and straddles the UK/Norway median line. Cawdor was discovered in 2008. The fields will be co-developed as a subsea tie-back to the Talisman Sinopec Energy UK Limited operated Clyde platform. Flyndre will be developed with a single production well. The Cawdor field will be developed initially with a single production well, with potential development of two further wells based on field performance. As development operator, Maersk Oil UK Limited holds a 59.966% interest in Flyndre and a 60.6% interest in Cawdor.

The Flyndre well is expected to peak at around 10,000 barrels of oil per day (gross production) with first oil expected in 2016, with Cawdor expected to peak at around 5,000 barrels per day (gross production) with production beginning in 2017. Total recoverable resources are expected to be approximately 30 MMboe for the initial development phase, with further upside depending on performance and further development phases. Maersk Oil UK Limited’s investment in the field developments is expected to be approximately £300million.

“Approval of this plan supports our long-term strategy for growth and our aim to double production in the UK North Sea by 2020. Together with approval of the Balloch field development in 2013, Flyndre/Cawdor underscores our momentum in progressing the development opportunities from our strong North Sea portfolio,” said Martin Rune Pedersen, Managing Director of Maersk Oil in the UK.

The UK Energy Minister, Michael Fallon MP said, “Through technological innovation and extraordinary human effort the North Sea oil industry continues to confound expectations with record investment supporting jobs and the economy. The close co-operation with Norway over this significant cross border development is particularly welcome. This approval reinforces the case for similar projects across the rest of the North Sea.”

Partners in the Flyndre field development are Maersk Oil UK Limited (59.966%), Talisman Sinopec Energy UK Limited (20.678%), Talisman Sinopec North Sea Limited (3.856%), Maersk Oil Norway AS (13.694%), Statoil Petroleum AS (1.031%) and Petoro AS (0.775%). All Flyndre field equities are subject to a final equity determination process, presently ongoing under the UK/Norway Framework Agreement. Partners in the Cawdor field are Talisman Sinopec Energy UK Limited (35.17%), Talisman Sinopec North Sea Limited (4.23%) and Maersk Oil UK Limited (60.6%).

 

Press Release, May 28, 2014

 

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