Independent oil and gas company Enegi Oil confirmed its farm-in agreement with Azimuth Limited for its Phoenix Discovery is near completion.
According to data, the block located in the Central North Sea does contain the presence of the oil bearing Forties reservoir around the previously drilled 22/12a-10 exploration well. With the well effectively de-risked, the partners are now focused on pinpointing the volume of oil contained by the stratigraphic closure in the surrounding area.
Enegi Oil chief executive Alan Minty said: “We applied for licenses in the 27th round in order to build a portfolio of marginal field development options that we could take forward in ABTOG. Block 22/12b, containing the Phoenix Field, had significant potential and the results, at this stage, are highly encouraging. We look forward to progressing work on the Phoenix Field along with our continued work on the Fyne Field and on the North Celtic Sea fields. We also hope to add to ABTOG’s portfolio through the 28th Licensing Round where we have applied for licences on a number of undeveloped discoveries and in addition, via other commercial transactions being considered.”
In addition to its subsurface studies, Enegi examined the possibility of developing the Phoenix Field with either a Self-Installing Floating Tower (“SIFT”) or a Production Buoy. The firm confirmed the SIFT strategy to be the most appropriate technical and economically viable solution for the field. It is now considering the topside facilities needed to service the field. The company expects to adapt the engineering work currently being applied to the Fyne Field to its Phoenix discovery as the water depths are similar. Enegi Oil added the SIFT structural design could be re-used to reduce the time and cost of engineering work, leveraging prior investment in the solution.
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