North Sea Discovery Contains 16M Barrels

Junior explorer Enegi Oil reported Thursday that new information acquired about Block 22/12b in the central North Sea, containing the Phoenix discovery, indicates that the field is likely to contain oil in place of at least 16 million barrels.

Details of the well, including logs and reports, were made available in August 2014 – four years after the block’s previous operator, Apache, drilled the 22/12a-12 appraisal well. Enegi said this well data confirms that oil-bearing sands at Phoenix are contained within a simple and relatively low-risk four-way dip closed structure.

Enegi said its partner Azinor Petroleum has carried out advanced technical work and has “successfully characterized and isolated” these oil-bearing sands from their surroundings. The subsurface model has been updated, indicating the 16-million barrel figure.

Enegi said it is continuing its work to determine the most appropriate development solution for Phoenix. This work will include rigorous testing and simulation once a complete version of the static model is delivered. The firm added that initial solution screening and economic studies suggest that Phoenix could be developed feasibly with a single horizontal producer.

Enegi CEO Alan Minty commented in a company statement:

“The work to date indicates that Phoenix is a suitable development project for our marginal field initiative, allowing this 27th round license acquisition to fit neatly within our existing portfolio. We look forward to providing further updates as we progress Phoenix and add further projects to the portfolio.”

RIGZONE

9 Comments on "North Sea Discovery Contains 16M Barrels"

Makati1 on Thu, 9th Oct 2014 9:18 pm 



Hmmm…

16,000,000 bbls.

Two days US imports.

2 1/2 hours of world consumption.

Soon a find of 16,000 barrels will be news…lol.

ghung on Thu, 9th Oct 2014 10:19 pm 



…. less than a day of US consumption. Must be a misprint…. oh wait, it’s a “marginal field initiative”. Looks like peak oil to me.

Feemer on Thu, 9th Oct 2014 11:27 pm 



This wasn’t worth the energy used for me to read this… 16 million barrels is a days worth of oil for the US

coffeeguyzz on Fri, 10th Oct 2014 4:19 am 



And just for comparative purposes … 16 million barrels is the approximate EUR of a single one mile by two mile DSU (Drilling Spacing Unit) in the most productive areas of the Bakken , such as Continental’s already-producing Rollefstad wells.

forbin on Fri, 10th Oct 2014 6:51 am 



Erm hang on , thats

” oil in place of at least 16 million barrels. ”

the ooip figure

recovery factory is not discussed

Forbin

Beery on Fri, 10th Oct 2014 7:02 am 



16 million barrels? Oh joy! We’re saved!

JuanP on Fri, 10th Oct 2014 8:46 am 



Wow! 16,000,000 barrels. Of what, we don’t know, as they don’t tell, but my guess is we are talking BOE or Barrels of Oil Equivalent, not oil. So, even that ridiculously small amount of barrels is most likely not oil.
I am blown away by this humongous discovery that will, maybe, buy the world an extra four hours. 😉
Everything is different now!

rockman on Fri, 10th Oct 2014 9:55 am 



A couple of points. First it’s estimated to be 16 million bbls IN PLACE. Which mean recoverable oil might just be 50% to 70% of that volume. And it does appear to be oil and not NG. And Enigi doesn’t give a sh*t how little this amount is relative to global consumption. They are in the business of making a profit by producing oil/NG. That’s the critical dynamic…not how little this field will add to global supplies.

It commonly happens that the X bbl will only supply Y days of global consumption is tossed out here. A rater ridiculous metric to waste space on here IMHO. No single discovery in the last 50 years would be meaningful by such measurements. And yet collectively those fields are currently producing more oil than ever before in history.

Apneaman on Fri, 10th Oct 2014 12:05 pm 



“critical dynamic”

Another mean nothing phrase, intended to dazzle, courtesy of some over paid PR firm.