In recent years, various macro-economic factors have transformed the competitive landscape in the UK Oil & Gas industry and Tangram believes that a remarkably differentiated strategy is required to be a successful energy company. Tangram aims to utilise technology and innovative approaches to maximise hydrocarbon recoveries in fields that have previously been overlooked or under-invested in. In addition, Tangram is evaluating acquisition targets for production assets that provide synergy and support to its strategy in the North Sea.
Tangram participated in 32nd UKCS licensing rounds and was awarded several licenses 2017-18 that contain undeveloped discoveries. Team Tangram re-analyses these blocks through new sets of available data, software tools and overlays its perspective to create a viable development plan generating significant economic value. Work program carried out by the team on its awarded licenses has resulted in a significant uplift in the economic viability of the license blocks and Tangram is highly confident in its ability to take them to the next stage of the development plan.
The re-use and life-extension of existing infrastructure, and effective utilization of previous economic and environmental consumption is a better sustainable approach to oil and gas exploration and production than the imposition of new greenfield burdens. It not only makes good economic sense but is also kinder to the environment. Tangram therefore drives a culture of innovation, effectiveness and conscientious behaviour to effect its philosophy. Decisions are made through a collective process which overlays existing data, infrastructure and other assets that are looked through a new lens and refined by further technical analysis to deliver the broader corporate strategy.