Oil & Gas UK has praised news that Azinor Catalyst has struck oil at Agar-Plantain as promising proof of industry’s competitive approach to exploration activity.
The discovery, located in the Viking Graben area in the Northern North Sea, contains 15-50 million barrels of recoverable resources.
Six exploration wells have been spudded so far in 2018, including Total’s Glendronach discovery and Apache with its discovery at the Garten prospect. Amidst continued concerns about low drilling levels, Oil & Gas UK today reaffirmed the importance of maintaining strong investment conditions.
Commenting, Oil & Gas UK Market Intelligence Manager Ross Dornan said:
“This is further evidence that the improved competitiveness of the industry, alongside the constructive regulatory and fiscal environment, is encouraging a pick-up in investment. This successful exploration project is very welcome and we need more of this to help keep production levels up. Agar-Plantain is a sizeable discovery, in an area with good access to infrastructure.
“This project shows the type of approach required to maximise economic recovery from the basin which still has 10-20 billion barrels of remaining potential. This is a further sign of growing confidence in the basin after the increase in applications to the 31st Licensing Round.
“Harnessing seismic data, new technologies and industry knowledge are all critical to unlocking further success and helping to realise Vision 2035.”