Oil and gas – continuing developments in the Firth

Oil and gas – continuing developments in the Firth
John Woods, Chief Developments Officer, Ithaca Energy (UK) Ltd.

John Woods spoke to the conference about Ithaca, the heritage of Moray Firth oil exploration, potential oil developments and the new generation oil explorers and producers.

Introduction to Ithaca Energy
 A Canadian company formed in 2004
 Focused on exploration, development and production in UK North Sea
 Experienced management team with UK & International track record
 Strategy is to employ expert contractors for drilling and production
 Priority is development opportunities, not frontier exploration
 Small staff concentrate on limited number of assets

Ithacas UK Portfolio
Insert image
• 436,584 net acres
• 33 blocks and part blocks
• 1 producing field
• 3 development projects
• 4 other discoveries
• 35+ Exploration prospects and leads

Moray Firth Oil Heritage
• 30+ years of exploration
• 26 years of production
• Unusual sub-section of UK oil province
• Nigg / HiFab, other construction
• Invergordon – rig repair and storage

Potential Oil Developments
• Beatrice field stands alone and apart from other UKCS oilfields
• Proves that Inner Moray Firth is a working ‘Hydrocarbon System’
• Other accumulations are likely, but difficult to find

Image of Proven Hydrocarbon System

Diagram of Greater Beatrice Area – Prospectivity

Diagram of Jacky Project
The Jacky platform is very small and lightweight. It utilises suction cams so no pile driving. It can be easily moved and is re-usable.

The New Generation Oil Explorers and Producers
Inner Moray Firth oil ‘Players’
• UK Government is encouraging small producers to extract as much oil as possible.
• Traditional oil companies are moving out of the UKCS
• New breed of companies moving in
• Ithaca
• Caithness
• Endeavour
• Petro Canada
• Scotsdale
• 25th Round

New Players - Characteristics
• All the newer names are:
• Focussed on smaller areas and making the area work
• Reliant on succeeding with projects
• Sensitive to the community
• Fast, flexible and responsive

The next 30 years
• Moving forward to exploit the natural resources of the Firth – not being wound down yet
• Working with the community to maximise benefits
• Part of the future of the Firth