Orcadian inks partnership with SLB on Pilot project
By Josh White
Date: Tuesday 29 Nov 2022
(Sharecast News) - Orcadian has entered into a binding memorandum of understanding with SLB, formerly Schlumberger, to deliver core services for the wells on its Pilot project, it announced on Tuesday.
The AIM-traded firm said SLB made a "compelling" commercial and technical proposal, with a "strong focus" on decarbonisation.
It said both parties were now planning to develop a comprehensive project agreement for the provision of services.
"Pilot is currently planned to be developed with 34 wells, and delivering those wells for the least cost with the right completion technologies to maximise sweep of the reservoir is critical to the success of the Pilot development," said chief executive officer Steve Brown.
"Pilot is a key UK Continental Shelf development project, which should pave the way for the industry to unlock up to three billion barrels of viscous oil discoveries."
Brown said that by adopting "leading" technologies, such as polymer flooding and floating wind power, Orcadian believed it could deliver the developments with "ultra-low emissions" that would restore the UK Continental Shelf to its "rightful place" as the "leading energy basin in the world".
"The early involvement of key supply chain partners such as SLB and Petrofac is essential to ensure that we access the very best technologies and capabilities that the industry has to offer enabling us to successfully deliver the Pilot project."
At 1557 GMT, shares in Orcadian Energy were up 8.33% at 26p.
Reporting by Josh White for Sharecast.com.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN