When we founded The Steam Oil Production Company Ltd in 2014, we adopted the Ronseal approach to naming our company. We planned to steam flood the Pilot field, which we were about to apply for in the 28th Seaward Licensing Round, and we named the company after our planned development approach.
We still plan to steam flood Pilot, and indeed the Blakeney field as well, but we have also acquired fields which suit a different approach so a different name seems appropriate. The name we have chosen is Pharis Energy.
Pharis is variously, an obscure character in Greek mythology (the son of Hermes and the Danaid Phylodameia); a French racehorse who was "considered one of the greatest French-bred runners of the century," according to Thoroughbred Heritage; and a townland (that's a district in the Irish countryside for those unfamiliar with the term) right next to where the company's founder was born and brought up.
So, like Equinor, we have managed an equine connection, but in truth it is the reminder of the North Antrim countryside which prompted our selection.
Pharis Energy is still just as keen on the potential of steam flood, but we can justifiably add a few more methods to our collection of oilfield recovery techniques without contradicting our name.
Notes for Editors: About Pharis Energy
Pharis Energy was founded in 2014 as The Steam Oil Production Company Ltd and has a 100% interest in two North Sea licences, P2244 and P2320, which together contain over 400 MMbbls of discovered oil in place in the Pilot, Blakeney, Harbour, Feugh, Dandy and Crinan fields; these fields lie in blocks 21/27 and 21/28, 140 kms due East of Aberdeen.
Pharis is working on plans to implement the world’s first offshore steam flood project of scale on the Pilot field. Pilot, which is the largest oilfield in Pharis's portfolio was discovered by Fina in 1989 and has been appraised with seven reservoir penetrations including a horizontal well test which produced over 1,800 bbls/day from a short horizontal well. Pharis estimate that a conventional waterflood would recover about 50 MMbbls of oil, whilst a successful steam flood would recover over 120 MMbbls of oil.
Pharis estimate that application of steam flooding to all the discovered, but undeveloped, heavy oilfields in shallow sandstone reservoirs across the UKCS could boost North Sea recoverable oil reserves by over 4 billion bbls of reserves.