The Fyne oil field, which is being developed by Rapid Oil, Ping Petroleum and Hibiscus Petroleum, has moved from the assessment phase into the authorisation phase.
A statement from Rapid stated that the North Sea Transition Authority (NSTA) has issued a non-objection letter regarding the Concept Select Report for Fyne, a key milestone in its development.
The Concept Select report outlines how the partners intend to develop the field. With the NSTA’s non-objection, the developers can start developing the more detailed Field Development Plan and Environmental Statement, expected later this year.
Fyne’s development concept includes two wells and a 10-inch pipeline to the FPSO Anasuria, which has ample available capacity for processing the produced oil.
Anasuria is owned by a joint venture between Ping and Hibiscus and is located close to the Fyne discovery.
Hibiscus is set to take over as operator of the field development, though responsibility would transfer to the Anasuria joint venture once production begins.
The Fyne field has an estimated STOIIP (stock tank oil initially in place) of approximately 75 million barrels, with the production volume estimated to reach a total of 12-16m barrels over a nine-ten-year period.
Rapid Oil stated that it is satisfied with the progress made so far with regards to the Fyne project, which is the company’s first in the UK.
First oil is expected in 2026 after the developers were granted an extension on their time to develop the oil field, pushing the date back by 30 months.
This is conditional on an approved field development plan and production consent being achieved by 30 September, 2026.
Ping Petroleum and Hibiscus Petroleum completed a farm-out agreement in 2023 that saw Rapid Oil take a 15% share of the Fyne licence (P.2451) in the UK North Sea, with Ping and Hibiscus holding 42.5% each.
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