Parkmead takes full ownership of two key North Sea fields

Parkmead Group, the Aberdeen-based energy explorer and producer, has agreed to take full ownership of the Perth and Dolphin fields in the North Sea.

The move sees the firm’s equity in the licences increase from just over 60 per cent to 100 per cent. The Perth and Dolphin fields lie at the heart of Parkmead’s Greater Perth Area oil hub project.

Parkmead has also signed an agreement with Nexen Petroleum, a subsidiary of the China National Offshore Oil Corporation, to undertake a detailed engineering study that could result in a link-up between the Greater Perth Area (GPA) project and the Nexen-operated Scott platform and asso- ciated facilities. The latter lie just ten kilometres south-east of Parkmead’s GPA project.

In addition, the Aberdeen firm has commissioned a new reservoir study with AGR Tracs International in relation to well stimulation, which could lead to increasing oil flow rates and oil reserves recovery from the two fields.

Perth and Dolphin are located in the Moray Firth area of the UK Central North Sea, which contains very large oil fields such as Piper, Claymore and Tartan.

Parkmead chair Tom Cross said: “We are delighted with the significant progress we haveachievedwiththegreater Perth Area project. By increasing our stake in the Perth and Dolphin oil fields, Parkmead’s oil and gas reserves grow by some 63 per cent.” 0 Chairman Tom Cross is delighted with progress