Cheviot is a redevelopment of the Emerald field which was discovered in 1975 and initially developed in the mid-1990’s. However, as a result of inadequate project planning and execution, the Emerald field was abandoned early when only 8% of the original oil in place had been produced.
In 2003, Alpha was awarded the licence in the 21st Licence Round.
Alpha has used the extensive available database to define an optimised, low cost Field Development Plan that gained technical acceptance from the OGA in December 2015. That plan is based on the development of oil from the Cheviot and satellite Peel fields. There will be a subsequent simple development of the Cheviot gas caps and Padon satellite field. Alpha is developing oil reserves of at least 55 mmbbls and future gas volumes of 120 bcf. Alpha will also look to use the Cheviot facility as a hub for other nearby discoveries and prospects, which have an unrisked potential of some 400 mmboe.
Alpha has signed an Exclusivity Agreement with Teekay to redeploy the Varg FPSO to Cheviot for the development of the oil.