Re: Parkmead tweet However, Mr Cross noted the increase in oil prices since late 2016 along with changes in the proposed development route had improved the economics of the project. Faroe has sharpened its focus on Norway in recent years.Mr Cross, who developed Dana Petroleum into a £1.9 billion business, said Parkmead has made significant progress with Greater Perth. It describes this as one of the largest undeveloped oil projects in the North Sea.Parkmead said the increase in its holding allowed the group to add 17.9 million barrels oil equivalent to its reserves, boosting the total by 63 per cent to 46.3m boe.The company is now considering a plan to develop the Greater Perth fields using a subsea tie back to the Scott platform operated by Chinese-owned Nexen. This is six miles distant.A more costly plan to develop the fields using a floating production storage and offloading vessel had been mooted.Parkmead has signed an agreement with Nexen to conduct a detailed engineering study in relation to the potential tie-back, which could help extend the life of the Scott platform.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, said Mr Cross, a former Entrepreneur of the Year.The agreement comes at a time when oil and gas firms are being encouraged to collaborate to develop solutions to the challenges the industry faces in the North Sea.Parkmead said it is in talks with a number of leading, internationally renowned service companies that are interested in working on the development of the fields.The majority of the proposals have focused on innovative approaches to the potential development. Some of the services firms have offered finance for major parts of the development, potentially reducing the capital investment Parkmead would have to make in the project.The response suggests the firms have confidence in the plan to complete what would be a significant development.It may also reflect increased willingness on the part of contractors to share the risk of developing projects with operators to boost the chance of them going ahead.Workloads have fallen sharply in the North Sea amid deep cuts in spending on new projects by oil and gas firms since 2014.The partial recovery in the crude price since 2016 has helped boost sentiment and encouraged firms such as Shell to approve projects in recent months. However, it may be some time before work on such fields gets underway offshore.Mr Cross joined Parkmead after Korea National Oil Corporation bought Dana for £1.9bn in 2010.
Parkmead tweet THE North Sea-focused Parkmead Group run by oil and gas entrepreneur Tom Cross has underlined its faith in the potential of a flagship field development project after taking full control. The Aberdeen-based group said it has increased its stake in the Greater Perth Area fields in the Moray Firth to 100 per cent after acquiring the 39.95 per cent stake formerly held by Faroe Petroleum without giving details.Faroe, which is also based in Aberdeen, expressed doubts about the commercial viability of developing the fields in 2016 as the industry grappled with the fall out from the crude price plunge.
Ten Weeks Article by Greig Cameron, Scottish Business Editor writing in The Times on the 8th of February."In a further sign of its confidence in the Greater Perth development, the company has commissioned a reservoir study from AGR Tracs International to see if there are ways to improve the flow rates and recovery levels from the area. The engineering study will run for the next ten weeks and look at ways to connect to the Scott platform, which lies six miles to the southeast of the Perth area. Mr Cross said that using the existing production facilities on the Scott field would make the Perth development more commercially attractive by reducing the upfront and operational costs."Looks like the reservoir study will be completed by the end of April.nqm.
Re: Kid One of has got it right so far and Im happy with that.
Kid No skin on Friday.....Share price ready to soar. Hope you got it right this time.
Re: Dawn Callsbull you promised first oil from Perth within 6 months in 2011. What happened to that then? You have all the oil knowledge of an average 4 year old but youve been posting here for 7 years getting everything wrong so we know youre not 4. Can you please answer about the sour technology advances or the project CEO of a new jacket. Im sure wed all like to know and I might even buy in if they are as cheap and simple as you say.
Re: Dawn Kid And here was I thinking you lacked imagination.... GPA will come through to fruitionAnd you know it !
Re: Dawn I read that and wept laughing at you callsoutbull. So just the get this clearTheres technology advances that you cant show usThere room on Scott platform but thats now if they replace the jacketAnd your basis for this is a presentation from 2012 that doesnt mention sour oil or a new jacketNice research youve done there once again. Care to tell us s the cost of a new jacket that ncluding lost revenue while the rig is down getting it fitted? Im sure I saw one on eBay with bidding at £350 right now. Not sure if its sour prepared but lets club together for it anyway.
Re: Dawn I am sure you are right m8. Top up if you like. Fill yer boots etc. I can sell you a barge pole that I am not using right now.