American energy giant Chevron received approval for a field development plan to progress the company's oil recovery project in the Captain field located in the U.K.'s Central North Sea, the company announced Tuesday in a statement.
The approval from the U.K.'s Oil and Gas Authority will allow Chevron to increase production and help maximize economic recovery from the field, through the application of polymer injection technology, the statement said.
"Operational approval of the Captain EOR [enhanced oil recovery] project progresses the application of a technology that has demonstrated an improved recovery rate, which can now be applied to other fields and help extend the life of assets," Greta Lydecker, managing director of Chevron upstream Europe, said in the statement.
Discovered in 1977, the billion-barrel Captain field first began production in March 1997, over 20 years ago, with technology developments in horizontal drilling and down-hole pumps, according to the statement.
"Chevron’s investment in and commitment to this new technology is a great example of how companies are addressing unique, area-specific challenges that can unlock significant remaining reserves and rejuvenate existing infrastructure in the Central North Sea," Deirdre Michie, Chevron's Oil & Gas U.K.’s chief executive, said in the statement.
Chevron North Sea Limited, which engages in exploration, production, and sale of hydrocarbons from the North Sea as a subsidiary of Chevron, is the operator of the Chevron field with a 85 percent stake, while oil and gas exploration and production company Dana Petroleum based in the U.K. holds the remaining 15 percent.
In the U.K., Chevron has working interests in 11 offshore producing fields, including four operated fields and seven non-operated fields.
Chevron’s net daily production in 2017 averaged 50,000 barrels of liquids and 155 million cubic feet (4.39 million cubic meters) of natural gas, according to the statement.
"This is the 18th project to be sanctioned on the UKCS [U.K. Continental Shelf] this year and reinforces the tremendous potential of the basin," Gunther Newcombe, director of operations at the U.K.'s Oil and Gas Authority, said in the statement.
"Chevron’s investment in EOR technology, the first of this kind to be deployed in the North Sea is expected to unlock millions of extra barrels of oil, adding several years to the life of this mature asset, demonstrating strong progress towards Vision 2035," he added.
Vision 2035 of the U.K.' s Oil and Gas Authority aims to provide direction for the country's oil and natural gas industry, drive collaboration between organizations and individuals, create competitive advantage, and secure investments, according to the Authority.
By Ovunc Kutlu