Parkmead to develop North Sea heavy oil accumulation

Parkmead Group PLC has been awarded the P2634 license by the UK Government’s North Sea Transition Authority (NSTA) as part of the 33rd UK offshore licensing round. This license is in addition to three other blocks previously awarded.

The license is in the Outer Moray Firth and comprises Blocks 14/15a, 14/20d, and 15/11a. Parkmead expects to commercialize Fynn Beauly, one of the UK’s largest undeveloped discoveries. This heavy oil accumulation has been proven by three wells and is estimated to contain oil-in-place of between 740 million and 1.33 billion bbl.

Parkmead will progress an approved 3-year work program to determine whether a technically and economically viable development can be delivered within the NSTA’s Net Zero Strategy. By undertaking geophysical, geochemical, reservoir modelling and production technology studies, the work will assess the feasibility of reducing oil viscosity using enhanced oil recovery techniques. This will include the potential combination of polymer flooding with geothermal heat uplift to improve recovery.

Parkmead is operator at P2634 (50%) with joint venture partner Orcadian Energy PLC (50%).