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Parkmead increases its stake in major UK oil project

Published by , Digital Assistant Editor
Oilfield Technology,

Parkmead has increased its stake in the Perth and Dolphin oil fields in the UK Central North Sea. The Perth and Dolphin fields are located across Blocks 15/21a, b, c and f & 14/25a in Licences P.218, P.588 and P.2154. Through this growth step, Parkmead has increased its equity in these licences to 60.05%.

Perth and Dolphin are located in the prolific Moray Firth area of the UK Central North Sea. Perth and Dolphin are two sizeable Upper Jurassic Claymore sandstone accumulations that have tested 32-38o API oil at production rates of up to 6000 bpd per well.

This transaction follows Parkmead’s recent acquisition of an additional 50% equity in the Polecat and Marten fields.

PDL is one of the largest undeveloped oil projects in the North Sea. During 2014, a joint development study was carried out to assess the potential of a development of the Lowlander field with Perth and Dolphin. The analysis indicated that a joint development of the three fields could significantly increase the value of the Perth area project.

The development of the Perth, Dolphin and Lowlander fields as a single project would create valuable economies of scale, by using the same dedicated production facilities, whilst providing a new long-term hub for other future projects in the area. The three fields have been fully appraised, with a combined total of 13 wells drilled, and contain oil in place of over 400 million bbls. It is expected that recoverable reserves from the PDL oil hub development will be over 80 million bbls of oil, which is double the initial recoverable reserves of the Perth field as a standalone project.

Edited from press release by

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