The Rosebank Field is located 140 km north-west of the Shetland Islands. Siccar Point acquired a 20% non-operated interest in the field from the takeover of OMV (U.K.) in January 2017.
Rosebank was discovered in 2004 and has since been appraised with 5 wells. Front end engineering design (FEED) studies commenced in 2012. In 2016 the operator took the opportunity to exploit the sharp downward correction in supply chain costs to revisit the project cost estimates. SPE anticipates Final Investment Decision (FID) in early 2019. The field will be developed as a floating production, storage and offshore loading unit (FPSO).
Rosebank has excellent reservoir quality sands of Tertiary age known as the Colsay Sandstones. The field is a 4-way closure and is situated on the Corona Ridge structural feature. The sands are extensive fluvial/marine deposits which are inter-bedded with lava flows. In some areas of the field additional sand units are present which are not part of the current development plan: these could add substantial volumes to the current base case. The current base case is around 300 million barrels of oil.
Further upside exists in Rosebank both beneath the Colsay reservoirs and as a continuation of the main field structure to the south-west. A discovery, named Lochnagar, which consists of a tilted fault block containing oil bearing Upper Jurassic aged sandstones was made by the deepening of the Rosebank discovery well. This could provide extra production volumes later in Rosebank’s field life. The undrilled area to the south-west of Rosebank maps out as a clear 4-way structure and is expected to contain the Colsay reservoir: this is a low risk opportunity that is currently being worked up by the partnership.
The Cambo Field is located 125 km north-west of the Shetland Islands and lies 30 km south-west of Rosebank and 50 km north of Schiehallion. The field was discovered in 2002 and has five wells drilled into the structure. Siccar Point acquired a 100% operated interest in the field from the takeover of OMV (U.K.) in January 2017.
Cambo is a large basement high with sedimentary sequences draped over the top of the structure. Like Rosebank, it sits on the Corona Ridge structural feature. The main reservoir is the Tertiary Hildasay Sandstone of fluvial/deltaic origin with very good reservoir qualities. The field contains over 600 million barrels of oil in place.
The Cambo area also has material upside potential with areas of undrilled Hildasay reservoir, good potential for Colsay reservoir at the edges of the structure, and a fractured basement prospect underlying the existing discovery.
The development concept will be focussed on a two-phased approach to accelerate early cash flow and enable appraisal of the substantial wider area potential. Phase 1 will target c90mmboe of reserves which will then be expanded by a Phase 2 full-field development when the full area potential is better defined. A final appraisal well will be drilled in 2018 into the main reservoir sequence and an extended well test will be performed to obtain key information for the initial development phase.
The Suilven Field is located 150 km west of the Shetland Islands and lies 20 km north-west of Schiehallion and 30 km south of Cambo. Siccar Point acquired a 75% operated interest in the field from the takeover of OMV (U.K.) in January 2017.
Suilven was discovered in 1996 and appraised 2 years later. The reservoir is the same as the main deep water mass flow reservoir in Schiehallion and contains both oil and gas. The structure is a tilted fault block. Suilven has a recoverable resource of around 30 million barrels oil equivalent.
Development concepts are being assessed: either as a sub-sea tie-back to a future Cambo development or as a sub-sea tie-back to Schiehallion.
The P.1830 Licence is located 140 km north-west of the Shetland Islands. It lies directly in between the Rosebank and Cambo Fields. Siccar Point acquired a 75% operated interest in the licence from the takeover of OMV (U.K.) in January 2017.
The geological setting of the P.1830 licence is on the Corona Ridge structural feature. The reservoir targets are the same as in Rosebank and Cambo with the main targets being the Tertiary Colsay sands and the deeper Upper Jurassic sands. The Blackrock prospect is the principal prospect in the licence. Seismic interpretation is ongoing over the entire licence, the results of which will be used in final prospect definition. An exploration well is being planned for 2019 which could add substantial resources to the planned area development.