Orcadian Power has been granted extra time with certainly one of its North Sea licences after “in depth talks” with the regulator.

P2320, containing the 25 million-barrel Blakeney discovery and the Bowhead prospect, was as a consequence of expire on Could 14th, nevertheless the North Sea Transition Authority has agreed an extension to “Section A” of the licence till Could 14 2023.

Section A pertains to the preliminary stage for preliminary research. The agency doesn’t have a Section B, and progressing to the ultimate Section C would require a drill or drop choice.

Blakeney is hoped to turn into a tie-back to the flagship Orcadian Power venture referred to as “Pilot”, which the agency is presently in search of companions for to assist finance.

Orcadian stated just lately it will value $900 million to get the venture to first oil.

P2320 additionally accommodates the Feugh reservoir, which Orcadian intends to make use of to reinject extra gasoline from Pilot, eliminating the necessity for flaring and thereby minimize emissions.

The agency additionally stated as we speak it has accomplished new seismic and expects and improve to its assets – when a brand new competent individuals report is accomplished.

Barrels in place at its flagship venture Pilot are anticipated to extend by 10-15%.

In the meantime administration has revised assets for the Bowhead prospect in licence P2320.

Bowhead beforehand had a recoverable vary of 12-43-105 million barrels of oil within the doubtless, mid and fewer doubtless case. It has been upgraded to 8-44-201 million.

Chief govt Steve Brown stated: “We’re delighted to have obtained this extension from the North Sea Transition Authority (beforehand often called the OGA), which brings the date by which we’re required to decide to drill a properly on P2320 into line with our Pilot venture FDP approval plans.

“The license extension allows us to implement a growth plan for Pilot which is able to set a brand new customary for low emissions within the North Sea.

“The Feugh discovery, situated on P2320, permits us to effectively handle extra gasoline manufacturing; and we’re grateful to the North Sea Transition Authority for his or her help, and settlement to our request for an extension to Section ‘A’ of the P2320 licence.”