UK Small Pools Could Generate £3 Billion In Value For Oil and Gas Sector

Oil & Gas Technology Centre (OGTC) based in Aberdeen is pushing an initiative called the ‘Tie-back of the Future’ in hopes of slashing in half the cost and time to develop small pools offshore.

According to the OGTC the initiative could generate an additional £3 billion value. OGTC is a not-for-profit, industry-led technology research and development organisation.

U.K. Continental Shelf (UKCS) has about 10% of the world’s small pools. OGTC state that with 27 billion barrels in small pools globally, there is a huge potential to take solutions they develop to other basins with marginal fields, driving international growth and export opportunities.

Tieback of the Future

Small pools solution center manager for OGTC, Chris Pearson, said in a news release.

“Small pools represent a big prize for the U.K. economy but they each have their own challenges. The ‘Tie-back of the Future’ concept is making significant strides to making more of these fields economically viable.”

“Some of the ideas and early-stage technologies out there are really interesting. We are seeing developments in mechanical hot taps, mechanically connected pipelines, multiuse pipelines, the integration of renewable energy systems and unmanned facilities. These solutions could transform the development of small pools and extend the economic life of the North Sea.”

According to Pearson bringing together operators, supply chain companies and technology developers, OGTC aims to create a circular economy in which subsea equipment can be disassembled and reused. The circular economy revolves around the interconnectivity between five factors: install, operate, disassemble, design and fabricate.