Creswick Petroleum is an Oil and Gas company. Its current management team was established in 2007 with the aim of building it into a large-scale oil & gas (E&P) company focused on the unique opportunities provided Canada and now the North Sea in the United Kingdom. The Creswick Petroleum management team sees the North Sea as an attractive environment with considerable overlooked potential for independent and innovative operators.
Our focus, underpinned by an entrepreneurial culture, is on safely delivering profitable full cycle growth across Canada and the United Kingdom North Sea. These opportunities for safe and sustainable growth will come from brownfield developments, near field infrastructure-led exploration, third-party business accessing our infrastructure and further acquisitions.
Our vision is to create a market-leading, international E&P company that we and our stakeholders are proud of. We believe that through working with competent, innovative and dedicated colleagues, who adhere to our core values and business principles, we will safely deliver our goals and vision.
Creswick Petroleum’s plans include a significant reinvestment in the assets being acquired and there are early opportunities to boost investment levels and maximise economic recovery. Creswick Petroleum will aim to extend the production life of the assets in various ways, including: enhanced recovery techniques, in-fill exploration on and around the acquired acreage, fallow field development, and bolt-on acquisitions. All of these present opportunities for production growth which will be highly material, and therefore attractive, to Creswick Petroleum.
Creswick Petroleum have Our Canadian waterfloods crude oil assets with mature properties that provide stable cash flow and production growth potential through enhanced oil recovery techniques and additional drilling opportunities. Creswick Petroleum is also an operator and duty holder of three platforms: Armada, North Everest and Lomond which together represent just under a third of our overall production. Those three key operated hub facilities support production from a number of fields and have a number of material drilling targets that the Group is pursuing. In addition to our operated fields we have significant interests in six non-operated assets, including Buzzard, Schiehallion, the J-Area, the Beryl area and Elgin-Franklin with six different operators and a multitude of separate fields. Our total production is split approximately 60% oil and 40% gas. The diversification of the portfolio provides both a balance that we like and resilience in the face of potentially volatile commodity markets and production outages.
Creswick Petroleum’s portfolio is capable of forecast production in the range of 120-130 mboepd 2018-2020. Our 2018 2P volumes, supported by our reserves auditor, are in excess of >360m boe.
Creswick Petroleum plans to extend the production life of the assets in various ways, including: in-fill exploration on and around the acquired acreage, fallow field development and bolt-on acquisitions. For example Creswick Petroleum now owns 100% of the Armada area in the United Kingdom and is commencing a drilling programme and investing to extend the life of the hub. All of these present opportunities for production growth which will be highly material, and therefore attractive, to Creswick Petroleum.
HSE is central to our core values and is prominent in our Business Principles. Creswick Petroleum has implemented a systematic approach to the management of occupational, environmental and community risk. Creswick Petroleum employs these arrangements in all its operations and will do all that is reasonably practicable to minimise risk and adverse effect. Creswick Petroleum continually looks for ways in which it can further reduce any negative impact of its business activities.
Creswick Petroleum recognises the importance of regular communication with its stakeholders and the added value of listening and responding honestly and responsibly. Creswick Petroleum encourages employees and stakeholders to immediately report to management any aspect of the Company’s business or operations which is considered to actually or potentially not meet the high standards set out within our Values and Business Principles.
The energy industry in North East Scotland has endured a difficult period since the oil price downturn in late 2014. However, average operating costs have now been dramatically and sustainably reduced. The Creswick Petroleum / Shell deal proves that substantial areas of the basin are again attractive and have a viable medium to long-term future. Creswick Petroleum is committed to a growth strategy in the North Sea, a testament not only to the potential that remains on the UKCS but also to the skills and experience built up in Scotland's energy industry over the past 40 years.
Our team of 1000+ personnel is housed at our Canadian crude oil assets and United Kingdom operational hub, offshore and in London.