Business
Pilot Licence Extension
Pilot Licence Extension.
About this update from Orcadian Energy Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 15 November 2022\n \n \n \n Orcadian Energy plc\n \n \n \n \n (\"Orcadian Energy\", \"Orcadian\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n Pilot Licence Extension\n \n \n \n \n \n \n Orcadian Energy (AIM: ORCA), the low-emissions North Sea oil and gas development company, is delighted to announce the North Sea Transition Authority (NSTA) has granted Orcadian a one-year extension to licence P2244, which contains the Pilot field.\n \n \n The Second Term of licence P2244 was due to expire at the end of November this year but will now expire at the end of November 2023. During 2023 Orcadian will be working towards a potential development decision on the Pilot field, which has audited proven and probable reserves of 79 million barrels (MMbbl) (see Company's Admission Document). This extension to the licence will enable the Company to continue to progress this work.\n \n \n \n \n \n The Directors believe that development of the Pilot field is an essential aspect of a \"Secure Transition\" to net zero for the UK and, due to the development concept that the Company has adopted, we expect the Pilot field to be amongst\n the lowest carbon emitting oil production facilities in the world.\n The selected development concept for Pilot is expected to produce just 2.6 kgCO2e/bbl of carbon-equivalent emissions. That is approximately a tenth of the emissions intensity of North Sea production in 2021. By developing Pilot, the emissions associated with the UK's consumption of oil and gas will be significantly reduced. The Pilot development should achieve this exceptionally high environmental standard because of\n the pioneering techniques proposed by Orcadian, combined with the rigorous process the regulator imposes upon the industry, here in the United Kingdom.\n \n \n \n \n \n See this link for an internally produced chart, using data sourced from the NSTA , comparing forecasted Pilot emissions to those from currently producing oil and gas platforms in the CNS, NNS and West of Shetland during 2021:\n \n \n https://bit.ly/Pilot_emissions\n \n \n \n \n \n \n \n Steve Brown, Orcadian's CEO, said:\n \n \n \n \n \n \"\n \n We see extending the licence as a real vote of confidence from the NSTA in the North Sea. We look forward to progress...