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"In excess of 20 years of production", I like it
Buchan has historically produced almost entirely through only natural depletion and the deployment of modern technologies and practices are expected by JOG's management to enable the field to produce for potentially in excess of a further twenty years.
If Equinor can increase oil potential of Mariner by 50% and recovery rate by an esitmated 20%, then think what they could do with the GBA field if they were to partner with JOG? (see below)
From Aug 15th 2019 - Equinor and partners are proud to announce first oil from the Mariner field in the UK North Sea today. The field is expected to produce more than 300 million barrels of oil over the next 30 years.
“The start-up of Mariner, the first Equinor-operated oil field on the UKCS, establishes our foothold in the UK and reinforces our commitment to be a long-term energy partner,” says Hedda Felin, senior vice president for UK and Ireland Offshore in Equinor.
The Mariner reservoirs have up to 3 billion barrels of oil in place, a 50% increase on what was originally assumed, and the estimated recovery rate has already been increased by 20 percent. Mariner is expected to produce annual average plateau rates of around 55,000 barrels of oil per day and up to 70,000 barrels of oil per day at peak production.
Saudi Arabia's Crown Prince, Mohammed bin Salman, has warned of huge oil price rises if the world does not act to deter Iran's behaviour. This follows attacks on two Saudi oil facilities two weeks ago, which many countries have blamed on Iran - but which it denies. Higher oil price will benefit a company like JOG, who are sitting on all those reserves.