Oil & Gas UK Economic Report 2015

8. Case Studies

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Golden Eagle Area Development

These achievements represent the efforts of a wide range of suppliers and contractors from the UK and global supply chain, as well as the joint venture partners in the project – Maersk, Suncor, EOG and One BV. Around two-thirds of the £2.3 billion investment in Golden Eagle directly benefited the UK supply chain and the development phase supported around 2,500 jobs. Around 400 operational roles have been created to safely and reliably manage production at Golden Eagle, which has an expected production life of at least 18 years. Peak oil production is anticipated at 70,000 boepd. From Discovery to Development The Golden Eagle Area Development is located approximately 70 kilometres north east of Aberdeen, where water depths typically range between 89 and 139 metres. As with all offshore oil and gas activity, safety was the primary priority throughout the

Summary As the UK offshore oil and gas industry focuses on delivering significant and sustained improvements in cost management in conjunction with MER UK, the Golden Eagle Area Development is an excellent example of what is still possible in a recognised mature basin. The Nexen-operated Golden Eagle is one of the biggest developments on the UKCS for several years. Production of first oil in late 2014 was accomplished ahead of schedule and under budget. Just as important, the project’s safety record was truly a best-in-class performance. At the time of first production, on 30 October 2014, the project team had successfully executed 18 million man-hours without a lost time incident (LTI).

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Location of the Golden Eagle platform, 70 kilometres north east of Aberdeen

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ECONOMIC REPORT 2015