UK’s Oil and Gas Authority (OGA) has initiated a new area plan to maximize economic recovery from the Greater Buchan area of the North Sea.
OGA said on Friday that it was asking oil and gas operators to work together to develop the 150-300 million barrels of oil equivalent (mmboe) estimated to be present in the Greater Buchan area.
The Greater Buchan area, situated in the Outer Moray Firth, features considerable open, currently unlicensed acreage, including a number of undeveloped discoveries.
To maximize recovery of the significant potential recoverable resources in the area, OGA will open a Supplementary Licensing Round in the first quarter of 2019 which will be supported by newly available data.
In advance of the round, OGA will be hosting an information session in Aberdeen for interested oil and gas companies on November 15, 2018. At the event, OGA will provide an overview of the timing and process of the Supplementary Licence Round and give further details on the supporting information which will be made available.
Andy Samuel, OGA’s chief executive, said: “A number of companies have already been showing high interest in the Greater Buchan Area, the exciting exploration potential and the many undeveloped discoveries. That’s why we’ve taken the decision to use a supplementary licensing round coupled with an Area Plan to help unlock the progression of what could be significant remaining resources.”