Xcite Energy has entered into a Memorandum of Understanding with Baker Hughes Limited, which sets out the principles for the provision of oil field services for the Bentley field, in the UK North Sea.
The services are likely to include the supply of drilling and completion services, well engineering, electronic submersible pumps and reservoir engineering.
Baker Hughes will work with all the key stakeholders in a collaborative manner to develop innovative, field specific technical and commercial oil field services for Bentley, which maximise the economic recovery from the field and the economic return for all stakeholders, Xcite Energy said in the release.
Rupert Cole, CEO of Xcite Energy, commented:
“We are very pleased that Baker Hughes has joined the Bentley development group and we believe this is a further validation of the viability of this project and demonstrates the continuing progress we are making towards our field development plan. The provision of these key oil field services is an important part of the successful delivery of any project and we believe Baker Hughes has the necessary skills, expertise and track record to support our development group.
“We continue to make good progress with the planned assurance engineering programme and development partner commercial negotiations and remain focused on delivering a robust and compliant field development plan for this valuable asset.”
Xcite Energy holds and operates 100% of the Bentley field located in Block 9/3b (Licence P1078), one of the largest undeveloped fields in the North Sea, containing some 909MMstb in-place of 10°-12° API heavy oil.