Business
Greater Buchan Area Integrated Studies Agreement
Greater Buchan Area Integrated Studies Agreement.
About this update from Jersey Oil & Gas Plc
[{"type":"text","content":"\n \n \n RNS Number : 1773G\n Jersey Oil and Gas PLC\n 16 March 2020\n \n \n \n \n \n 16 \n \n \n March 2020\n \n \n \n \n \n \n Jersey Oil and Gas plc\n \n \n (\"Jersey Oil & Gas\", \"JOG\" or the \"Company\")\n \n \n \n \n \n Greater Buchan Area Joint Integrated Studies Agreement\n \n \n \n \n \n Jersey Oil & Gas plc (AIM:JOG), an independent upstream oil and gas company focused on the UK Continental Shelf (\"UKCS\") region of the North Sea, is pleased to announce it has established and will lead the Greater Buchan Area Joint Integrated Studies Agreement (the \"Agreement\") between \n neighbouring\n field operators, to undertake and complete technical and commercial evaluation studies for a collaborative development of the wider Greater Buchan Area, which contains discovered oil and gas resources in excess of 200 million barrels of oil equivalent (\"boe\"). \n \n \n \n \n \n A key objective of the studies under the Agreement is to establish 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, potentially including electrification in line with the Oil & Gas Authority's (\"OGA\") Maximising Economic Recovery (\"MER\") strategy for the UKCS and reducing CO2 emissions. \n \n \n \n \n \n Fields, Discoveries and Participants Involved \n \n \n · \n Buchan, J2 and Glenn - operated by Jersey Oil & Gas (100%);\n \n \n ·\n Verbier - operated by Equinor UK Limited (70%) (pending completion of the Company's acquisition announced on 27 January 2020) alongside its partners Jersey Petroleum Limited (18%) and CIECO Exploration and Production Limited (12%);\n \n \n ·\n Avalon - operated by Ping Petroleum UK Limited (50%) alongside its partner Summit Exploration and Production Limited (50%); and\n \n \n · \n Leverett - operated by Zennor Resources (N.I.) \n Limited (100%).\n \n \n \n \n \n \n \n \n A map of the licenses and operators who will form part of the study can be viewed here: \n \n \n https://www.jerseyoilandgas.com/wp-content/uploads/2020/03/jisa-map.png\n \n \n \n \n \n \n \n \n \n \n \n Andrew Benitz, CEO of Jersey Oil and Gas, commented\n \n :\n \n \n \"We are delighted to be progressing this important study to evaluate th...