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Buchan Redevelopment is a conventional oil development located in shallow water in the UK and is operated by Neo Energy Group. According to GlobalData, who tracks more than 34,000 active and developing oil and gas fields worldwide, Buchan Redevelopment was discovered in 2006, lies in block 21/1a ALL and 20/5a ALL, with water depth of around 405 feet. Buy the profile here.

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The project is currently in feed stage and is expected to start commercial production in 2026. Final investment decision (FID) of the project will be approved in 2024. The development cost is expected to be $900 m. The Buchan Redevelopment conventional oil development will involve the drilling of approximately nine wells and includes FPSO.

Field participation details

The field is owned by Jersey Oil and Gas and Neo Energy Group.

Production from Buchan Redevelopment

Production from the Buchan Redevelopment conventional oil development project is expected to begin in 2026 and is forecast to peak in 2027, Based on economic assumptions, the production will continue until the field reaches its economic limit in 2051.

Contractors involved in the Buchan Redevelopment conventional oil field

The key contractors involved in the Buchan Redevelopment project as follows.

Other Contractors: Schlumberger

About Neo Energy Group

Neo Energy Group Ltd is a leading private equity investor focused on Europe’s offshore energy industry. The company is headquartered in Aberdeen, Scotland, the UK.

For more details on the Buchan Redevelopment Conventional Oil Field, buy the profile here.

This content was updated on 13 November 2023

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This information is drawn from GlobalData’s Oil & Gas Intelligence Center, which provides detailed profiles of 34,000+ oil and gas fields, 400,000+ exploration blocks, 1,100+ LNG terminals, 3,400+ gas processing plants, 5,000+ storage terminals, and 8,000+ pipelines, 1,400+ refineries and 13,000+ petrochemical plants worldwide.