US giant sees potential in Forties field in North Sea 50 years after it was found
US oil giant Apache has said it expects the giant Forties field in the North Sea to remain in production for many years to come, amid the challenges posed by the coronavirus crisis and climate change.
The Forties field was discovered 50 years ago this week by BP, in a success which confirmed the North Sea was set to become a leading oil and gas basin.
Apache entered the North Sea in 2003 through the acquisition of
BP’S interest in Forties.
The field has been in production for 45 years but there appears to be no sign that it is nearing the end of its commercial life.
A spokesperson for Apache said; “While originally scheduled to be retired in 2013, through further investment, a focus on efficiency and improving recovery techniques, we expect the Forties Field to remain in production for many years to come.”
The spokesperson noted that Apache had started work on new seismic surveys on Forties this year to to su support future drilling and p production.
The decision to invest in the field provided a vote of confidence in the North S Sea, where the plunge in co commodity prices triggered by by t the coronavirus has prompted firms to slash spending. Meanwhile a North Sea veteran who played a key part in the development of Forties in the 1970s has said there is still lots to play for in the area.
In a column in today’s Herald Tony Craven Walker says oil and gas production can help the UK achieve net zero by reducing the need for more carbon-intensive imports. While areas of the North Sea are in natural decline, the West of Shetland area holds significant exploration potential.
Mr Craven Walker reckons that oil and gas sector expertise will form the bedrock for offshore renewable technologies.
After joining BP as a young graduate, Mr Craven Walker became a key member of the team that led work on the development of Forties. He went on to develop successful independents such as Monument Oil and Gas and is currently executive chairman of North Sea-focused Serica Energy. This has acquired interests in a range of fields from majors such as BP in recent years.