The Buzzard Field, in which Oranje-Nassau Energie (ONE) has a 0.47% stake, is located in UKCS Blocks 19/5a, 19/10, 20/1S and 20/6 under licences P.986 and P.928 South, 57 km north east of St Fergus.
Buzzard is a world-class asset with an estimated 1.5 billion barrels of medium-light oil in place, which came on stream late-2006, producing at a plateau around 220,000 bopd until 2014, and cumulatively produced 605 mm bbls crude oil (gross) by end-2016. It is one of the largest North Sea discoveries in the last two decades, with ultimate recoverable reserves estimated at 850 million barrels.
Buzzard is developed by a 4 platform complex, with 36 producing wells and 11 water injectors. Oil from the field is exported via the Forties pipeline to the Kinneil Terminal in Scotland and gas is exported via the Frigg system to the St. Fergus Terminal.
Further upside in Buzzard is seen in identified potential reserves additions and facilities optimisation. Given the increased industry attention in the area, opportunities exist for future 3rd party processing tariff revenues. Nexen Petroleum (UK) Limited operates the Buzzard Field. Currently pre-front end engineering is being preformed for the Buzzard phase II project which aims to develop the reserves in the Northern Area, which cannot be reached from the existing platform.