Development plan filed for UK Victory gas field
London-listed Reabold announced on December 23 that a draft field development plan had been filed for the Victory gas field in UK waters northwest of the Shetland Isles.
The development plan was submitted to the UK's Oil and Gas Authority (OGA) by Corallian Energy, which has a 100% interest in Victory and is 49% owned by Reabold. An environmental statement for the project is expected to be finalised in the first quarter of 2022 and issued to the department for business, energy and industrial strategy (BEIS), Reabold said.
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OGA is expected to review the development plan in the first half of 2022 and approve it towards the end of that year, paving the way for a final investment decision. The field contains 179bn ft3 of mid-case contingent and recoverable dry gas, according to a recent competent person's report.
"Submission of a draft field development plan is a significant milestone for this important gas field," Reabold co-CEO Sachin Oza commented. Victory's shallow-water location near existing subsea infrastructure will enable a "cost-effective tie-back solution," he said, noting that the discovery was fully appraised and would need no further pre-development drilling.