Parkmead has taken full ownership of the Perth and Dolphin oil fields in the UK Central North Sea by acquiring about 40% stake it previously did not own for an undisclosed price.

Through the complete takeover, the UK-based oil and gas company will raise its 2P reserves from 28.4 to 46.3 million barrels of oil equivalent, reflecting an increase by 63%.

Perth and Dolphin fields are located in the Moray Firth area of the UK Central North Sea, which is home to giant oil fields like Piper, Tartan and Claymore.

Both the oil fields are spread across Blocks 15/21a, b, c and f and 14/25a in the P.218, P.588 and P.2154 licenses and are located at the core of Parkmead’s Greater Perth Area (GPA) oil hub project where it has gained 100% ownership.

Parkmead plans to study the feasibility of a subsea tie-back of the GPA project to the nearby Nexen-operated Scott platform and associated facilities. The company said that a subsea tie-back could possibly transform the GPA project, commercially and economically, apart from bringing down the cost to achieve first oil production to a great extent.

Parkmead executive chairman Tom Cross said: “The study with Nexen will examine one path to potentially unlock the substantial value of the GPA project for the benefit of the UK and Parkmead shareholders, as well as providing further value for the existing infrastructure partners.”

The company has also given a contract to AGR Tracs International for a new reservoir study in relation to well stimulation steps that could help increase oil flow rates and oil recovery from the Perth and Dolphin fields.

In August 2017, Parkmead took over 100% ownership in P.2209, a UK North Sea licence by acquiring Verus Petroleum’s stake of 50%. The license contains the Farne Extension prospect along with four prospective leads.