North Sea

North Sea

In the United Kingdom’s (“UK”) portion of the North Sea, our focus is on managing our infrastructure, platform maintenance and mature basin exploitation. This approach ultimately prolongs the life and economic value of our assets. Our resource potential is significant, making the North Sea a low-risk source of high-value, light crude oil. We remain focused on optimizing operations to lower operating costs and target to maximize the value of our development projects and infill drilling opportunities. We operate the vast majority of our fields in the North Sea with a high average working interest, giving us control of our assets.

Long-term, our objective for the UK North Sea is to maintain production and proactively manage our abandonment liabilities of this mature asset. Mature field declines will be offset with development projects and infill drilling, provided conditions warrant economic investment.

Ninian, Lyell and Columba

The Ninian, Lyell and Columba fields are located in the northern North Sea, around 386 km north-northeast of Aberdeen. The Ninian field is comprised of three fixed platforms.

The Lyell field is a subsea tie-back with production via subsea manifold to the Ninian South platform. The Columba fields are exploited utilizing extended reach wells drilled from the Ninian South and Central platforms. Oil from all these fields is processed onboard the two platforms and exported to the Sullom Voe Terminal on the Shetland Islands via the Ninian Pipeline System. In 2020, the Company will continue the decommissioning of the Ninian North platform.

Banff and Kyle

The Banff and Kyle fields lie approximately 320 kilometers east of Aberdeen in the Central North Sea, blocks 22/27a and 29/21. The field is operated by CNR International and produced via the leased Petrojarl Banff floating production storage and offtake vessel (FPSO). In June 2020, the company began the process to permanently cease production from these fields, with plans to decommission the platforms over the next few years.

Tiffany, Toni and Thelma

Often referred to as the “T-Block,” the Tiffany, Toni and Thelma fields are located in the central portion of the North Sea, around 250 kilometers north east of Aberdeen.

Tiffany began first production in 1993. The Toni and Thelma fields are subsea tie-backs, with production via subsea manifolds to the Tiffany platform. Oil from the fields is exported from the Tiffany platform via a short link to the Brae - Forties oil pipelines and onward to shore at Cruden Bay in North East Scotland. Gas volumes are transported northwards via pipeline to the Brae field for fuel, reinjection and as immediate gas sales.

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