Finance & Investing
News Services
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy


'Numerous Opportunities' for Production Buoys around World

change text size

Numerous opportunities exist around the world for a British production buoy system to be deployed at marginal oil fields, according to new research published from UK-based investment bank Shore Capital.

Shore's report, commissioned by ABT Oil & Gas, stated that more than 600 undeveloped discoveries around the world that are in water depths of up 2,000 feet and which hold reserves of less than 45 million barrels of oil equivalent were suitable for development using production buoys.

ABT – a joint venture between Enegi Oil and ABTechnology – is typically targeting its production buoy concept at marginal fields of less than 20 million barrels. Shore showed that while a typical production buoy costs as little as $140 million to build and install, a conventional FPSO (floating production, storage and offloading) vessel can cost more than $400 million.

"If a marginal field had reserves of 20 million barrels of oil equivalent, we estimate that ABT Oil & Gas could provide unit capex savings of up to $20 per barrel, reducing the UK Continental Shelf average by 65 percent and dramatically improving capital efficiency; the smaller the reserves base, the larger the savings per barrel," Shore's analysts wrote.

ABT farmed into UK central North Sea license P077, which contains the Fyne field, in July this year. The field, which has proved and probable reserves of 9.9 million barrels, is seen as an "ideal opportunity" to show the potential of ABT's production buoy system by the license holders.

More recently, in mid-November, ABT announced another farm-in deal involving two dormant oil fields offshore Ireland.


A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at


Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

More from this Author
Jon Mainwaring
European Editor | Rigzone
 -  Drone Alone: Unmanned Aircraft in Oil,... (Apr 24)
 -  European Majors Team Up to Explore Arc... (Apr 21)
 -  Laggan-Tormore Project Causes More Woe... (Apr 20)
 -  Wintershall Strengthens Position in So... (Apr 15)
 -  Sakhalin-1 Sets New Extended Reach Dri... (Apr 14)
Most Popular Articles
From the Career Center
Jobs that may interest you
Wireman/Substation Electrician
Expertise: Electrician
Location: Renton, WA
Electrician / Field Tech for Mining Equipment in Elko NV
Expertise: Electrician
Location: Elko, Nevada, NV
Heavy Equipment Mechanic for Midland Texas
Expertise: Mechanic
Location: Midland, TX
search for more jobs