Xcite Energy announces that its 100% subsidiary, Xcite Energy Resources Limited (“XER”), has entered into a Memorandum of Understanding (“MOU”) with AMEC Group Limited (“AMEC”) setting out commercial principles for future cooperation to support the development of the Bentley Field.
XER and AMEC will shortly commence a front-end engineering and design (FEED) programme, during which the terms for a wider services agreement are expected to be formulated to include project and programme management and controls, further detailed engineering and design, fabrication management, sub-contractor management, hook-up and commissioning, operations and maintenance planning and system build, and Duty Holder services.
XER and AMEC intend to build on the already agreed MOU principles to optimise the commercial benefits for all stakeholders and provide a strong foundation for the life-of-field technical and operational solutions.
Rupert Cole, CEO of Xcite Energy, commented:“We are very pleased to have developed our existing relationship with AMEC to create the basis for these commercial arrangements. I believe that AMEC’s expertise and track record in delivering major UKCS offshore and heavy oil projects will complement the Company’s own skillset to deliver a best in class development programme. This is another industry confirmation of Bentley as one of the largest development-ready North Sea fields and provides further, complementary support to the current farm-out process as we progress towards development.”