Pre-FEED Studies Commence as Piper Bravo Confirmed for Marigold Field Development

Repsol Sinopec Resources UK Limited, TechnipFMC and Petrofac (the “Alliance”) are pleased to announce that pre-front end engineering and design studies (Pre-FEED) have commenced for the development of the Ithaca and Hibiscus owned Marigold field via the Repsol Sinopec-operated Piper Bravo platform.

Hibiscus and Ithaca are working with the Alliance, an innovative partnership formed in February 2021, with an integrated project team based at Repsol Sinopec’s Aberdeen office.

The partnership offers owners of oil and gas discoveries near Repsol Sinopec’s existing North Sea infrastructure hubs an integrated and commercially flexible solution to meet their development objectives.

The Marigold field development concept consists of up to nine subsea wells, tied back 16km to the Piper Bravo platform, where gas lift, processing and transportation services will be provided before oil is exported to Repsol Sinopec’s Flotta Terminal for tanker offload. Peak production is expected to be 40,000 barrels of oil per day and 12 million standard cubic meters of gas per day.

It is anticipated that Marigold infrastructure will facilitate a number of future development opportunities including the nearby Sunflower and Q-block discoveries. Development of the Marigold field will contribute to the UK’s energy security, delivering between 50 to 60 million barrels of oil equivalent during its operational life, while reducing the UK’s reliance on carbon intensive imports from overseas.

This announcement follows recent news that the Golden Eagle, Piper and Claymore field owners have recently executed new agreements reaffirming their commitment to export produced oil to the Flotta Terminal until the end of field life.

José Luis Muñoz, Repsol Sinopec CEO, on behalf of the Alliance partnership, said:

“We are pleased to be working with industry to develop the Marigold field via Repsol Sinopec’s Piper Bravo platform; aligning with MER objectives and facilitating domestic energy supply.

“As an industry we must get better at recognising the benefits of collaboration and utilising existing North Sea infrastructure to maximise recovery from the basin, along with minimising carbon emissions and facilitating the transition to a lower carbon economy. Our alliance and the progression of this project support the continued success of the industry for many years to come.”

Note to Editors

About Piper Bravo

The Piper field lies in block 15/17n of the United Kingdom Continental Shelf located 193km north east of Aberdeen in the Central North Sea.

The Piper 'B' platform stands in approximately 145m of water. Piper 'B' is an eight-legged fixed steel jacket supported platform. The Piper 'B' Platform was installed in 1992 and commenced production in February 1993. Piper 'B's process facilities separate production from the Piper, Saltire, Chanter, Iona and Tweedsmuir reservoirs into oil, natural gas liquids (NGLs) and drygas. The platform processes oil and condensate for onward transmission to Flotta Terminal.

About Marigold

The Marigold oil field, along with a smaller discovery Sunflower, forms part of the Marigold cluster and lies northeast of block 15/13a approximately 250km north-east of Aberdeen in the central North Sea. Other assets in the cluster include Crown field and Kildrummy discovery. Marigold is anticipated to be the tie-in point for the Sunflower field and other discoveries in the Quad 15 area.

About Repsol Sinopec

Repsol Sinopec Resources UK is an oil and gas exploration and production company operating in the North Sea. Assets include producing oilfields, major new developments and a number of assets that have ceased production or are approaching decommissioning. Based in Aberdeen, Scotland, we have interests in 48 fields, of we operate 38, on the UK Continental Shelf with 11 offshore installations (ten fixed and one floating) and two onshore terminals -at Flotta in Orkney and at Nigg in the Cromarty Firth. Supported by our shareholders we have a long-term commitment to the UKCS. The health, safety and wellbeing of our people and communities; the integrity of our assets and protection of the environment are our top priorities.

ENDS