JERSEY Oil and Gas said today that a new, fixed platform would be its preferred option for developing its flagship Greater Buchan Area (GBA) in the North Sea.
London-listed Jersey intends to launch the farm-out process for the GBA in the first quarter of next year in an effort to attract funding and help pay for the development.
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Jersey said a new platform would ensure a long production life of at least 25 years for the GBA.
The area boasts more than 138 million barrels oil recoverable resources and more than 200m of prospective resources.
Jersey said it had “locked down the subsurface” and had confidence in its estimates.
GBA includes the Buchan oil field and the J2, Glenn, Verbier and Buchan Andrew discoveries.
The company also highlighted “exciting near-field exploration potential” for the GBA, with four drill-ready prospects with prospective resources of 196m barrels in the vicinity.
The prospects are called Verbier Deep, Cortina, Wengen and Zermatt.
Andrew Benitz, Jersey chief executive, said: “The Greater Buchan Area is a multi-faceted project and it is exciting to see the results of the hard work of our project team now coming together.
“Work is ongoing to finalise the development plan of our core project, with optimisation work on production phasing and on decisions regarding area collaboration, both for production volumes and power solutions.”
Speaking about the impact of Covid-19 Mr Beintz said: “I think I can speak for all of us by saying that 2020 has been a challenging year.
“Nevertheless we have kept our core company project on track and we have retained strong capital discipline and are ahead of budget.
“And that’s whilst still delivering our schedules of works. Our timing could be opportune as the world gets back on its feet next year.”
