Project Profile
Location: Block 44/28b, and Blocks 44/26a and 43/30a, UK sector of the Southern North Sea, 150 kilometres from the Theddlethorpe Gas Terminal, Lincolnshire coast, UK
Discovery: 1987
Production start-up Year: 1996
Faroe Petroleum acquired a 53.1% operated interest in the Schooner Field in the UK Southern North Sea gas basin from Tullow Oil SK Limited, a subsidiary of Tullow Oil plc. The Schooner Field is located in Block 44/28b, and Blocks 44/26a and 43/30a in the UK sector of the Southern North Sea, 150 kilometres from the Theddlethorpe Gas Terminal on the Lincolnshire coast. The Schooner Field was discovered in 1987, with first gas from Schooner in 1996. The field was developed by then-operator Shell, is multi-well development with ‘normally unmanned’ platforms, currently managed by a third party Duty Holder. Gas is exported via the Caister Murdoch facilities to the Conoco-operated Theddlethorpe Gas Terminal where it is sold into the National Grid. Further consideration of up to US$17 million will be paid to Tullow if up to 10 Bcf gross (6 Bcf net to Faroe) of incremental gas is produced from a specific reservoir compartment on the Schooner field recently developed by the 2013 SA11 well. In addition, Faroe has identified several potential areas for investment in these assets, in order to further enhance reserves and value and to extend field life, certain of which are the subject of contingent royalties. The Acquisition is expected to complete before year end and is subject to UK regulatory approval.
Operators:
Faroe Petroleum: Operator with 53.1% interest
Tullow Oil SK Limited: 46.9% interest
Contractors:
Petrofac: Contract for the provision of logistics and accommodation services across the facilities (November 2015)