1.

0 EXECUTIVE SUMMARY

The X-Field is located approximately 210km North East of the mainland of Britain
Central North Sea in block UKS22/12. The X-Field is 10km North West from the
Nelson and 40km North West of the Forties. The X-Field lies on a total of 81m of
water depth. Six appraisal wells were drilled through out this X-Field where wells X1
and X2 are vertical wells whereas wells X3-X6 are deviated with a deviation degree
of 25 degrees. The aim of this assignement is to run a technocal and economical
analysis of the X-Field. This leads to the production of a development plan which
applies the latest technology, economics, political conditions and environmental
conditions.

The project is cut up to several periods named; Geology and Geophysics, Fromation
Evaluation, Reservoir Engineering, Volumetrics Estimation, Drilling Engineering,
Production Technology, Reservoir Simulation and Economics. From the Geology and
Geophysics analysis, it is interpreted that the main lithology found in all the wells are
sand and shaly sands. Besides that it id also found that the X-Fieldcan be seperated
into 2 compartments where Well X1-X4 is in Compartment 1 and Compartment 2
consist of Well X5 and X6. These compartments are seperated by a normal fault. As
for the Formation Evaluation section, the oil water contact is obtained form the
petrophysical well logs. Compartment 1 has a average oil water contact of 10849ft-
TVD and Compartment 2 has a average oil water contact of 10523.4ft-TVD. The
voluetric estimation of the project is carried out using the deterministic method and
probabilistic method. The Stock Tank Oil Initially In Place is found for both the
compartments. Compartment 1 has a STOIIP range of 1516MMstb and 1884MMstb
with the most likely value to be at 1707MMstb. On the other hand, Compartment 2
has a range of 358MMstb and 476MMstb with the most likely values to be at
405MMstb. The highest uncertainty found is on the gross rock volume thus a 3D
seismic model is suggested to check the accuracy of the GRV value and identify any
fauls that is not initially found. This will help in improving the STOIIP.

The drilling phase will begin at the end of the field development stage and it will be
carried out using a jack up rig. The expected duration for the drilling process to obtain
the the first oil production is roughly 2 years. As for the economics of the project a
maximum capital of 308Million UK Pounds is estimated.The econimics analysis is
done based on $15/bbl and a discunt rate of 10% based on the North Sea Economics
evaluations to obtain the NPV.