The UK arms of Hibiscus Petroleum and Ping Petroleum have signed a deal with Rapid Oil Production to take majority stakes in the 75-million-barrel Fyne field.
In a 1 September announcement Hibiscus Petroleum (KLS:HIBISCS) announced that its local unit – Anasuria Hibiscus UK – and Ping Petroleum UK had each entered into a “separate but identical” farm-in agreement with Rapid Oil for Licence P2451.
Located in Block 21/28b in the central North Sea approximately 100 miles east of Aberdeen, the licence contains the undeveloped Fyne field which holds an estimated 75 million barrels of oil equivalent STOOIP (stock tank oil initially in place.)
Under the terms of each agreement, Anasuria Hibiscus and Ping Petroleum will each acquire a 42.5% equity interest in the licence, with the remaining 15% retained by Rapid Oil.
The two Malaysian firms already have a North Sea joint venture in the form of the Anasuria Operating Company (AOC), which operates the cluster of the same name.
Once the acquisition is completed, Hibiscus intends to take over as operator of the field development, though responsibility would transfer to the AOC venture once production begins.
Lying approximately 10 miles from the existing Anasuria floating production storage and offloading vessel (FPSO), the development plan for Fyne would see a single well development tied back to the asset.
First oil is expected in 2026.
In its statement, Hibiscus said the addition of Fyne is expected to “increase the value and extend the field” life of the existing Anasuria Cluster.
The deal remains subject to approval by the North Sea Transition Authority (NSTA).
A Fyne history
The “extensively appraised” Fyne has a chequered history, passing through the hands of various operators, including Premier Oil and Enegi Oil, since being discovered by Mobil in 1987.
Most recently it was acquired from previous owner Carrick Resources by Rapid Oil in 2021.
Rapid, which is led by former TechnipFMC subsea boss Hallvard Hasselknippe, said earlier this year it would seek regulator approval to develop Fyne this year and that approval could open the door for additional prospects in neighbouring blocks, namely Crinan and Dandy, in further phases of development.
Carrick had previously suggested that development of the field as a production hub could act as a key to help unlock additional undeveloped resources in adjacent blocks, though a tieback to the Anasuria unit suggests this may no longer be the optimal route.
Cluster development
Fyne is just the latest in a line of developments eyed for the Anasuria FPSO, with Hibiscus’ Teal West development having also received sign off by the NSTA last month.
It would join existing links to the Teal and Teal South fields.
A planned subsea tieback to the vessel, some 108 miles east of Aberdeen, Teal West is expected to start drilling this year, with first oil slated for 2024.
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