Oil & Gas UK (OGUK) says the it provides operators and licensees with a framework to re-evaluate methods to improve recovery and extend the productive life of the UK Continental Shelf (UKCS).
It also details processes for identifying opportunities to learn from industry-leading practice.
The Reserves Progression Self Verification tool has been designed by the Reserves Progression Task Group, an industry group convened in 2018 which consists of leading professionals from Apache, BP, Chevron, Ithaca, Premier Oil, OGUK and the Oil and Gas Authority.
Katy Heidenreich, Co-chair of the task group said: “Current data shows there are over two billion barrels of oil equivalent in near-field opportunities that could potentially be unlocked through the promotion of good practice and innovation. Many of these opportunities may be marginal, technically difficult and geologically complex; this tool gives industry a consistent, integrated and systematic approach to progressing these resources and reserves.
“Improving our stewardship of these assets and collectively finding ways to increase the UKCS recovery factor from 43% means there’s an opportunity to add many millions of extra barrels of vital production using our existing infrastructure.”