Phase 1 of the UK North Sea project is estimated to cost around £1bn
Jersey Oil & Gas (JOG) said that there is potential for the Greater Buchan Area (GBA project) in the UK North Sea to be developed in three phases from a fully electrified platform.
The company plans to employ a low carbon power solution for the project.
Its findings are part of its Concept Select Report (CSR) for the North Sea project. The GBA area holds an estimated 172 million barrels of oil equivalent (MMboe) 2C contingent resource of light sweet crude and associated gas.
The project involves resumption of production at the Buchan oil field and bringing the J2 and Verbier oil discoveries into production. Apart from that, the project will develop other existing and yet to find discoveries within the area as future upside.
As per the company’s findings, phase 1 of the project can be developed with a capital expenditure (capex) of around £1bn.
Phase 1 of the GBA project involves the installation of a single integrated wellhead, production, utilities and quarters (WPUQ) platform at the Buchan field.
Phase 2 will see the development of the J2 West, J2 East, and Verbier East discoveries. This will be done through a subsea tie-back to the GBA platform.
During phase 3, the Verbier West discovery will be developed through connection to the subsea infrastructure of phase 2, suggested the CSR.
Jersey Oil & Gas has set the nameplate capacity of the Greater Buchan Area hub at 40,000 barrels of oil per day (bopd).
As per the CSR findings, plateau production is expected to be for more than three years. Field life is expected to be 31 years.
Currently, the company is said to be getting ready to enter the front end engineering design (FEED) phase of the GBA project in the third quarter of this year. The company currently expects to reach a final investment decision (FEED) on the project in H2 2022.
With the finalisation of the CSR, Jersey Oil & Gas will look to initiate a farm-out process to seek an industry partner for the GBA project.