The Corona Ridge is a geologically long-lived intrabasinal high surrounded by deep basins containing source rocks that are still generating oil. Siccar Point’s acreage, the majority of which is operated, encapsulates the entire Corona Ridge area.
Siccar Point is actively involved in developing, appraising and exploring this very material area. The Cambo development, as part of the Corona Ridge area, is one of 16 developments currently proposed in the UK Continental Shelf, which form a key part of the country’s energy security strategy through the energy transition.
The Cambo Field would help to reduce the volume of imports required to meet energy demand in the UK, by delivering up to 170 million barrels of oil equivalent during its 25-year operational life.
Cambo would also provide a further 53.5 billion cubic feet of gas – enough to power 1.5 million homes for a year. The hydrocarbons Cambo would produce are suitable for a UK and European market, helping to support energy security through domestic supply.
The UK could meet only a third of its future needs if it fails to invest in new oil and gas fields – to replace those in decline now – leaving the nation even more reliant on imports. Between January and March 2021, the UK had to import 56% of the gas needed to keep the nation’s homes warm and its power stations running – among the highest seen for the same winter quarter.
A ‘cliff-edge’ transition, by cutting UK gas and oil production, would risk jobs and leave the country reliant on imports, often from less regulated countries – doing nothing to cut demand or emissions.
Cambo has been designed with the most modern equipment to reduce emissions and is designed to operate without the need for routine flaring or venting of hydrocarbons. It would produce less than half of the amount of CO2 for each barrel produced than the average UK field when production commences. It would also be built electrification ready, to be powered by renewable energy when feasible.
Located 125 km north-west of the Shetland Islands, 30 km south-west of Rosebank and 50 km north of Schiehallion, the field was discovered in 2002 and had 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 and brought Shell UK in as a partner in May 2018.
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 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.
A final appraisal well was drilled in summer 2018 into the main reservoir sequences with an extended well test. The results from this well were extremely positive and are being incorporated into a field development plan which will include a gas export line.
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 were commenced by the then operator, Chevron, in 2012. In 2018 Equinor purchased Chevron's 40% interest in the field and took over as operator. Equinor are now taking the project forwards to FID. 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. The initial phase of the field development is expected to produce over 300 million barrels of oil. In some areas of the field additional hydrocarbon bearing sand units are present which could add substantial recoverable volumes to the field.
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 Tornado Field is located 160 km west of the Shetland Islands and lies 30 km north-west of Schiehallion and 30 km south-west of Cambo. Siccar Point re-acquired the field along with Shell in the UKCS 30th Licence Round in 2018.
Tornado was discovered in 2009 by OMV with an exploration well and an immediate appraisal sidetrack. The reservoir is slightly younger than in Schiehallion with a slope toe-fan stratigraphic setting. The field has a strong seismic anomaly which clearly defines the stratigraphic trap. Tornado contains predominantly gas with a thin oil rim. It has a recoverable resource of around 80 million barrels oil equivalent.
The field would be developed as part of a regional gas development hub.
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 15 million barrels oil equivalent.
The field would be developed as part of a regional gas development hub.
*final equity spilt still to be determined
The Blackrock Field is located 140 km north-west of the Shetland Islands. It lies directly in between the Cambo and Rosebank Fields. The field is in the P.1830 licence which was acquired as part of the takeover of OMV (U.K) in January 2017.
The Siccar Point operated Blackrock discovery well was drilled in H1 2019 and encountered a 34m gross package of Paleocene intra-volcanic Colsay siliciclastic sediments. These contained a number of thin oil bearing sandstones from which oil samples were obtained. Gas was also encountered in the overlying Hildasay supravolcanic Member. The well results combined with an analysis of recent long offset 3D seismic indicate that Blackrock has a potential recoverable resource of around 50 million barrels oil equivalent. This would be an attractive tie-back to either the Cambo or Rosebank fields. Further appraisal drilling is required on Blackrock before a development decision can be made.
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 an 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 Paleocene Colsay sands as the deeper Lower Cretaceous, Upper Jurassic and Devonian Clair Group sands.
The Blackrock discovery well which was drilled on the licence in 2019 has proven the existence of Paleocene intra-volcanic Colsay oil-charged reservoirs between Cambo and Rosebank fields. These well results are now being incorporated with existing regional data to better define and target thicker reservoir packages in the Corona Ridge area.
The P.2403 Licence is located 160 km west of the Shetland Islands It lies directly south of the Cambo Field and includes the Tornado Field within the licence area. Siccar Point acquired a 50% operated interest in the licence from their successful bid with Shell in the UKCS 30th Licence Round.
The geological setting of the P.2403 licence is on the southern edge of Corona Ridge structural feature which is separated towards the south by the Nuevo Basin from the Nave Basement High. There are numerous highly prospective exploration targets in already proven reservoir of Tertiary older sequences. Any discovery in this area would become a sub-sea tie-back development for the Cambo production hub.
The P.2461 Licence is located directly to the east of the Cambo Field and was awarded to Siccar Point in 2018 from the UKCS 30th Licence Round. It is of a small areal extent and includes an extension of the exploration plays in both the P.1830 and P.2403 licences.
The P.2602 Licence is located 140 km north west of the Shetland Islands. It directly surrounds the Rosebank Field. Siccar Point acquired a 50% operated interest in the licence from their successful bid with Shell in the UKCS 32nd Licence Round.
The geological setting of the P.2602 licence is on the Corona Ridge structural feature. The reservoir targets are the same as in Rosebank and Cambo as well as deeper Lower Cretaceous, Upper Jurassic and Devonian Clair Group sands.
A discovery in this licence would be developed as a tie-back into the Rosebank Field.
The P.2592 Licence is located 130 km west of the Shetland Islands. It is 45 km south-east of the Cambo Field and 20 km north east of the Schiehallion Field. Siccar Point acquired a 100% operated interest in the licence from their successful bid in the UKCS 32nd Licence Round.
The geological setting of the P.2592 licence is in the Foula Sub-basin which lies between the Corona Ridge and Rona Ridge. The main reservoir targets are Paleocene sands as found in the Schiehallion Field as well as older reservoirs than can be mapped up against the structural highs. Any discovery in this area would be a tie-back into the Schiehallion Field Glen Lyon FPSO.
The P.2593 Licence is located 100 km west of the Shetland Islands and 20 km south west of the Clair Field. Siccar Point acquired a 50% operated interest in the licence from their successful bid with Spark Exploration in the UKCS 32nd Licence Round.
The geological setting of the P.2593 licence is on the Rona Ridge structural feature and also extends west into the Foula Sub-basin. The reservoir targets are the same as in the Clair Field with identified leads and prospects in Lower Cretaceous, Upper Jurassic, Devonian Clair Group sands and the Lewisian Basement. A discovery in this licence would be tied back to the Clair Field infrastructure.