01 — asset info
Galapagos is a proven, conventional oilfield located in the world class Brent system reservoir with ~1 billion bbls STOOIP, and only c. 12% historical recovery.
Key facts:
- Brand new 33rd Round licence with 6 years to run issued 2024, replacing historic fourth round licenses.
- Proven Brent reservoir with ~1 billion bbls STOOIP: 124 MM bbls (c. 12% recovery) have been produced by the previous operator BP Amoco. Platform integrity issues resulted in premature CoP in 2002
- With the latest seismic data and interpretation work, Bridge have developed new geological and reservoir models which were successfully history matched and certified by ERCE. Additional work has also been completed on gravity segregation in partnership with Imperial College, London.
- Current remaining 2P reserves are estimated at over 100+ MMboe, revised up from the 81 MMboe certified by ERCE in Bridge’s 2018 CPR.
- The field is located within conventional tieback distance to UK or Norwegian infrastructure, or ideally positioned as a strategic hub for an FPSO.
- FDPs and FEED work for both the tieback and FPSO development cases have been completed and were approved by OGA/ NSTA from a technical perspective, subject to funding, during the previous license heritage.