Operations

Operations

A Qualified UKCS Operator:

  • Existing technical and operational resources with UKCS delivery experience.

 

Bentley Field:

  • Whalsay Energy is the 100% Licence Holder of P.1078, containing the Bentley field.
  • Bentley, located in Block 9/3b, 150km east of the Shetland Islands, is one of the largest undeveloped oil fields in the UK North Sea. 

Bentley Field Summary

 

Key Features:

  • Large in place resources of 912 MMstb (P50), 10°-11° API oil with well-connected and well-defined reservoir with excellent aquifer support.
  • Extensive data set from systematic appraisal programme, including eight reservoir penetrations and a 68-day EWT in 2012 improves production certainty.

 

Independently-verified development solution

Whalsay has been engaged since mid-2017 in developing an updated, conventional, phased development plan, which has been independently verified as technically robust, commercially appropriate and economically attractive.

 

The proposed development plan targets an initial development phase concentrated in the core area of the field (CAD), producing at rates of up to 45,000 bopd. It is based on utilising a 20 well slot platform, with 17 dual lateral ESP producers and three produced water re-injection wells, installed with conventional topsides fluid handling facilities processing Bentley crude to export specification. The platform will be connected to an FSO vessel, and oil exported in 500k bbl parcel sizes via shuttle tanker.

 

Cost to first oil is estimated at $729MM. At $60/bbl Brent flat, P50 reserves on the core area are 131 MMbbls, with an economic field life of 35 years. The pre-tax NPV10 is $690MM with a 27% IRR.

 

Numerous additional opportunities exist beyond the initial development.


Key achievements since licence extension

  • Secured a four-year extension to the Bentley licence until 30 June 2021.
  • Developed a Bentley field subsurface case with verification by independent technical authorities.
  • Developed a technically credible and conventional Bentley field development solution which defines and demonstrates the economic viability of the project by using an industry standard FEL approach, with verification by independent technical authorities.
  • Delivered the Bentley field licence extension milestones, MER UK obligations and demonstrated effective Asset Stewardship.
  • Successfully completed the P&A of all remaining Bentley field wells using a cost effective offshore solution.