UK-based Jersey Oil & Gas (JOG) has established and will lead the Greater Buchan Area joint integrated studies agreement between neighboring field operators in the North Sea.
JOG said on Monday that the study would undertake and complete technical and commercial evaluation studies for collaborative development of the wider Greater Buchan Area, which contains discovered oil and gas resources in excess of 200 million barrels of oil equivalent (boe).
According to the company, a key objective of the studies under the agreement is to establish whether a collaborative development would lead to a reduction in development costs and an increase in value for all participants in a new production hub in the area, potentially including electrification in line with the OGA’s Maximising Economic Recovery strategy for the UKCS and reducing CO2 emissions.
The fields, discoveries, and participants in the studies will be the Buchan, J2, and Glenn – operated by JOG, Verbier – operated by Equinor (pending JOG’s completion of the stake acquisition announced in January) alongside its partners Jersey Petroleum and CIECO, Avalon – operated by Ping Petroleum alongside its partner Summit Exploration and Production, and Leverett – operated by Zennor.
Andrew Benitz, CEO of Jersey Oil & Gas, said: “We are delighted to be progressing this important study to evaluate the technical and commercial benefits of working together with neighboring operators to potentially develop over 200 million boe of discovered oil and gas within the wider Greater Buchan Area.”
Scott Robertson, director of operations at OGA, added: “I am delighted with this collaboration agreement in the Greater Buchan Area, particularly given collaboration was a key component of the OGA’s vision for the Greater Buchan Area through the 31st Supplementary Licensing Round award in 2019.
“Oil and gas will remain an important part of the UK’s energy mix for the foreseeable future as we transition to net zero. The OGA is encouraged by the collaborative and energy-efficient example Jersey Oil & Gas is setting.”
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