Business
GBA Development Project Operational Update
GBA Development Project Operational Update.
About this update from Jersey Oil & Gas Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4974A\n Jersey Oil and Gas PLC\n 02 June 2021\n \n \n \n \n 2June 2021\n \n \n \n \n \n Jersey Oil and Gas plc\n \n \n (\"Jersey Oil & Gas\", \"JOG\" \n or the \n \"Company\")\n \n \n \n \n \n Greater Buchan Area Development Project\n \n \n Operational Update\n \n \n \n \n \n Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company focused on the UK Continental Shelf (\"UKCS\") region of the North Sea, is pleased to provide an operational update in respect of its Greater Buchan Area (\"GBA\") Development Project.\n \n \n \n \n \n Highlights\n \n \n ·Subsurface evaluations and independent peer review of subsurface and facilities concept select scopes completed\n \n · Concept Select Report (\"CSR\") issued to the UK Oil and Gas Authority (\"OGA\")\n \n o As outlined in the report, the preferred GBA development concept is for a fully electrified Net-Zero solution, estimated to emit carbon at a rate of less than 1kg of CO2 per barrel of oil equivalent (\"boe\") produced, significantly below the North Sea average of approximately 22kg of CO2/boe\n \n · 'Supply Chain Action Plan' issued to the OGA\n \n · Evaluation of export pipeline options underway\n \n ·\n In line with the strategy to electrify the GBA development, applications for UK electricity grid connection submitted and pipeline & subsea electricity cable survey contract awarded\n \n o In addition to being economically attractive to electrify the planned Buchan platform, the installation of a subsea electricity cable has the potential to facilitate the electrification of other nearby platforms, with collaboration efforts ongoing\n \n · Front-End Engineering and Design (\"FEED\") tendering ongoing\n \n · \n Application made to the OGA to be appointed OSD Installation Operator\n \n \n · Farmout process underway with broad interest and participation from multiple parties\n \n \n \n \n \n Andrew Benitz, CEO of Jersey Oil & Gas, commented\n \n :\n \n \n \"The submission of the Concept Select Report to the OGA represents a significant milestone for JOG in our journey to deliver maximum value from the Greater Buchan Area. \n \n \n \n \"Our chosen development concept ensures that, through electrification, the GBA Development could produce less than 1kg of \n \n CO2\n \n per barre...