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The Development of the Tolmount Main Gas Field, Operated by Premier, Located in the Southern North Sea, Has Been Sanctioned by the Joint Venture Partners
The partners in the Tolmount gas field are Premier (operator with 50%) and Dana Petroleum with the same percentage. The sanction was preceded by the approval of the development by Premier as the operator in June. Announcing the project sanction, Premier said on Monday that the Tolmount Main gas field is expected to produce around 500 Bcf of gas (96 mmboe) with a production peak of up to 300 mmscfd (58 kboepd).
According to the company, the project envisions a minimal facilities platform, exporting gas to shore via a new pipeline. The concept was selected in February 2017.
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Contracts
The EPCIC (Engineering, Procurement, Construction, Installation & Commissioning) contract for the platform was awarded to Rosetti Marino.
The Easington terminal of Centrica was selected as the host facility and Saipem as the EPCI contractor for the pipeline.
The selection of the drilling contractor for the four development wells is expected soon, Premier stated.
Premier’s share of the capex needed to develop this large gas field is estimated at US$ 120 million, comprising drilling management costs and project development.
The infrastructure joint venture between Humber Gathering System Limited (a member of the CATS Management Limited group) and Dana Petroleum will own and pay for the platform and pipeline capex, as well as pay for upgrades at the onshore terminal. In return, Premier will pay a fee for the transportation and processing of Tolmount gas through the infrastructure.
The main Tolmount project now moves into the execution phase, with work planned to begin later this year. First gas is targeted for Q4 2020.
Tony Durrant, CEO of Premier, commented: “The sanctioning of our high-return Tolmount project marks an important milestone for Premier and supports our medium-term production profile in the UK. Tolmount is one of the largest undeveloped gas discoveries in the southern North Sea and is, in barrel of oil equivalent terms, similar in size to our Catcher project.
“We have also secured an innovative financing structure for the project, which minimizes our capital expenditure while maintaining our positive exposure in the Greater Tolmount area.”
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