In addition to the FDP submission, Orcadian has initiated a structured farm-out process for the oilfield, which is located in North Sea licence P2244 Block 21/27a
Orcadian Energy has submitted a draft field development plan (FDP) to the North Sea Transition Authority (NSTA) for its Pilot oilfield in the UK North Sea.
The scope works under the draft FDP will include the development of the field using an FPSO vessel and a pair of wellhead platforms using power supplied by a floating wind turbine.
In addition to the FDP submission, the UK-based oil and gas development company has initiated a structured farm-out process for the oilfield.
The Pilot oilfield is located in North Sea licence P2244 Block 21/27a, which is being operated and completely owned by Orcadian.
Orcadian CEO Steve Brown said: “Submission of the draft FDP is a further important milestone for the Pilot development and highlights the maturity of the project.
“Our focus on minimising emissions means that the project will be especially attractive to companies that wish to drive down their emissions intensity whilst the introduction of the investment allowances as part of the Energy Profits Levy will surely incentivise operators to double down on investing in domestic energy security.
“We look forward to a heightened level of interest in our project and providing further updates as the process progresses.”
Orcadian said that it has 79MMbbls of 2P reserves in the Pilot oilfield, and its proposed FDP builds on its previous work in the concept selection process.
The company received a ‘letter of no objection’ from the NSTA in December last year, for its low-emissions concept.
The low emissions FDP for Pilot is based on an FPSO, with 34 wells to be drilled by a jack-up rig through a pair of wellhead platforms and using power from a floating wind turbine.
NSTA and Orcadian will discuss and agree on the draft FDP in the coming months, and its approval is subject to finalising the associated development finance.
The Energy Profits Levy (EPL), introduced by the UK government last month, has radically improved the economics of a farm-in deal, said Orcadian.