ASX-listed Hartshead Resources has submitted a program and budget for the development of a new gas export route from a production license situated on the United Kingdom Continental Shelf (UKCS) for approval to its partners in the P2607 joint venture (JV).
The proposed new export route from the development of the Anning and Somerville gas fields forming part of production license P2607 would tie into the Saturn Banks pipeline system owned and operated by CalEnergy Resources . After that, the gas would be transported to the Perenco-owned and operated Bacton Terminal for processing before entry into the UK grid.
According to Hartshead, the revised plan offers enhanced project economics as it brings reduced anticipated CAPEX and potential for accelerated production volumes and timeline.
The JV now has 90 days to consider the development program and budget and vote on whether to proceed. Following a farm-in deal from 2023 , Viaro Energy’s RockRose holds a 60% stake in the production license and Hartshead the remaining 40%.
The P2607 license comprises five blocks which contain four existing gas fields and several exploration prospects. According to Hartshead, these have a combined resource base of approximately 0.8 trillion cubic feet (Tcf) of gas across the three-phased field development program.
The amended gas route was submitted to the North Sea Transition Authority (NSTA) last week even though the JV partners did not support the submission. The firm claims the route has “significant advantages” over the one previously selected.