Reflecting our strategy of targeting among the lowest-cost, lowest-carbon emissions oil and gas in North America, Ridgewood Energy invested in three large oil discoveries, which will be produced through a state-of-the-industry floating production system (FPS).
Through participation in the Federal Gulf of Mexico Lease Sale, Ridgewood Energy Funds acquired working interests in a position comprising the Khaleesi and Mormont oil fields. Initial drilling results indicated Khaleesi and Mormont had strong potential, and further delineation confirmed Ridgewood Energy’s expectation that the Khaleesi and Mormont discoveries contained significant quantities of oil and gas. Given the scale of the Khaleesi and Mormont discoveries, the project partners commissioned the construction of the King’s Quay floating production system (“FPS”) to produce these reserves. Subsequently, Ridgewood Energy acquired a working interest in the Samurai oil field, an existing oil discovery located near Khaleesi and Mormont.
The King’s Quay facility, operated by Murphy Oil Corporation, was engineered to facilitate the development and production of reserves from the Khaleesi, Mormont, and Samurai discoveries. King’s Quay will also have additional capacity to accommodate potential production from other nearby discoveries.