The Greater Marigold area in the UK Central North Sea's Quad 15, containing at least four undeveloped fields (Marigold, Sunflower, Kildrummy, and Crown), is the focus of a new offshore oil development plan. The joint venture, led by Hibiscus Petroleum, has shifted its development concept from a subsea tie-back to the Piper B platform to proposing the redeployment of an existing Floating Production, Storage and Offloading (FPSO) vessel.

Revised Development Concept and Rationale

The proposed FPSO is considered a more appropriately sized hub for future developments in the area compared to Piper B. The plan involves selecting an existing, idle FPSO, fully refurbishing and modifying it to handle the Greater Marigold Area Development fluids. This approach aims to create a more reliable hub with higher operational uptime, capable of operating for another 20 years. Repurposing an existing FPSO is also expected to minimize greenhouse gas emissions during construction and result in slightly lower emissions in the early field life, while providing superior economic outcomes and lower risk.

Project Phasing and Ownership

Development would begin with the Marigold and Sunflower fields, targeting first oil possibly in 2028, though likely later. Marigold holds best estimate reserves of 41.2 million barrels, and Sunflower holds 4.7 million barrels. Hibiscus owns 91.25% of Marigold and 87.5% of Sunflower, with partner Caldera Petroleum holding the remaining stakes. The Crown and Kildrummy discoveries are targeted for a subsequent development phase.

Regulatory and Fiscal Context

The concept select proposal is being reviewed for resubmission to the North Sea Transition Authority. The company stated that the UK's recently confirmed fiscal terms are not expected to negatively impact the project, as they will be in a position to maximize available capital allowances. There are currently three out-of-work FPSOs in the UK that could potentially be sourced for the project.

Concurrent Teal West Development

Simultaneously, Hibiscus is participating in the Teal West development, a subsea tie-back to the existing Anasuria FPSO with first oil expected mid-2026. Preliminary interpretation of data from the successful development well indicates that proven plus probable reserves are expected to exceed the initial estimate of 3.4 million barrels of oil equivalent. The company highlights this project as aligning with commitments to maximize economic recovery, extend existing infrastructure life, and support net zero ambitions by unlocking stranded resources.