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Greater Buchan Area
The Greater Buchan Area (GBA) is positioned to deliver material long term income from a high-quality development solution that is aligned with the UK’s energy transition strategy
- Unlocking Material Resources The GBA licenses are estimated to contain gross discovered oil and gas resources of over 100 MMboe
- High-Quality InfrastructureThe GBA is to be developed using redeployment of the ‘Western Isles’ floating production, storage and offloading vessel (FPSO), a new build vessel that has only been in operation is the UK North Sea since 2017
- ‘Hub and Spoke’ SolutionThe FPSO will be deployed as the central oil and gas processing facility for the area, with initial production coming from Buchan followed by the planned tieback of other GBA feeder fields
- Low Carbon DevelopmentCombining re-use of an existing FPSO, made electrification-ready for connection to one of the planned nearby floating wind power development is the lowest full-cycle carbon footprint solution for the area
The Buchan redevelopment project involves installation of new subsea production gathering infrastructure tied back to the ‘Western Isles’ FPSO. Agreements have been executed for acquisition of the vessel, with handover of the FPSO schedule to occur following approval of the Buchan Field Development Plan.
The Buchan field is to be produced through up to five gas-lifted production wells, supported by two water injection wells. Oil will be offloaded from the FPSO via shuttle tanker and excess gas will be exported via a new gas export pipeline. The FPSO is to be modified to be ‘electrification-ready’ prior to redeployment to the field, such that it can be connected to one of the anticipated third-party floating wind power developments that are intended to be located in close proximity to the GBA following the Innovation and Targeted Oil & Gas (INTOG) licence awards made by Crown Estate Scotland in 2023.
Approval of the Buchan Field Development Plan is scheduled for the second half of 2024, with first production targeted for late 2026. Following start-up of production from Buchan, subsequent development activities are expected to involve the tie-back of the J2 and Verbier oil discoveries that lie within the GBA licence area and potentially for regional third-party discoveries.
GBA Partners
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NEO Energy 50% (Operator)
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Serica Energy 30%
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JOG 20%
Buchan & J2
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Licence P.2498
Blocks 20/05a, 21/01a -
Second Term License Duration: 28 Feb. 2025
Verbier
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Licence P.2170
Blocks 20/05b, 21/1d -
Second Term License Duration: 29 Aug. 2026