Planned to start in early 2020, the survey has already received significant industry interest and is being prefunded in part by BP. First results are targeted for first-quarter 2021.
Production is expected to start in fourth-quarter 2020, the oil and energy ministry said Nov. 14.
Israel's Delek Group said on Nov. 10 its Ithaca subsidiary, which it plans to spin off via a London listing, completed a deal to buy most of Chevron's British North Sea oil and gas fields for $2 billion.
Recoverable resources are estimated at between 38 million and 100 million barrels of oil equivalent, adding considerably to the area’s resource base, the company said.
As oil and gas fields become depleted, energy companies are looking at how they can extend the life of operating fields, unlocking low-pressure reserves from reservoirs to maintain plateau production rates.
The company discovered oil at its Serenity prospect in the British North Sea.
The U.S. Treasury extended a licence for Serica Energy to operate the Rhum field in the North Sea which is 50% owned by Iran's national oil company, energy producer Serica said on Oct. 24.