Fossil Energy – Parkmead
Scottish energy group Parkmead is pressing ahead with drilling at its Skerryvore field in the UK North Sea some seven years after first announcing its intention to do so.
The Aberdeen-based company has also upped its stake in the project, which is its first operated exploration well. It has boosted its share from 30 to 50 per cent after NEO Energy, which previously held a 30% stake in the area, left the project with a third of its holding going to CalEnergy and the rest to Parkmead.
Industry regulators at the North Sea Transition Authority (NSTA) have given the green light to drill at what Parkmead described as the ‘high-impact’ Skerryvore prospects, which are thought to contain up to 157 million barrels of oil equivalent (mmboe) within the two main exploration areas. The licence also contains additional potential prospects at lower levels which could be tied into existing and planned infrastructure in the area.
The announcement comes as new Prime Minister Liz Truss seeks to ramp up extraction from the North Sea to help contend with the energy crisis as the UK heads into winter.