Greater Buchan Area holds discovered oil and gas resources in excess of 200 million barrels of oil equivalent
Jersey Oil & Gas (JOG) will lead a technical and commercial evaluation for a collaborative development of the Greater Buchan Area (GBA) of the UK North Sea.
The company has established and will lead the Greater Buchan Area Joint Integrated Studies Agreement between neighboring field operators.
According to Jersey Oil & Gas, the Greater Buchan Area holds discovered oil and gas resources over 200 million barrels of oil equivalent (boe).
Study to assess collaborative development of wider Greater Buchan Area
The studies will focus on assessing 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.
The study will also assess ways to include electrification in line with the Oil & Gas Authority’s (OGA) Maximising Economic Recovery (MER) strategy for the K Continental Shelf and reduce CO2 emissions.
The discoveries in the GBA include Jersey Oil & Gas (100%)-operated Buchan, J2 and Glenn; and Verbier owned by Equinor UK (70%), Jersey Petroleum (18%) and CIECO Exploration and Production (12%).
It also includes Avalon discovery owned by Ping Petroleum UK (50%) and Summit Exploration and Production (50%), and Leverett field owned and operated by Zennor Resources (100%).
Jersey Oil and Gas CEO Andrew Benitz said: “We are delighted to be progressing this important study to evaluate the technical and commercial benefits of working together with neighbouring operators to potentially develop over 200 million boe of discovered oil and gas within the wider Greater Buchan Area.”
OGA operations director Scott Robertson said: “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.”
Last year, Jersey Oil & Gas secured operatorship of three blocks in the GBA in the OGA’s 31st Supplementary Offshore Licensing Round.