Jersey Oil & Gas (JOG), an independent upstream oil and gas company focused on the UK Continental Shelf (UKCS) region of the North Sea, announced that Equinor has elected not to exercise the three month option which was granted by the Company over a 50% equity interest in respect of Blocks 20/5a and 21/1a (the Buchan Blocks), which contain the Buchan oil field and the J2 oil discovery.
Buchan will form the hub for JOG’s Greater Buchan Area (GBA) development plans. In close proximity are the JOG owned J2 and Glenn oil discoveries and the Equinor operated Verbier oil discovery, which represents attractive potential tie-back opportunities to the Buchan hub.
Equinor will continue its efforts to mature and assess the opportunities in the adjacent Equinor operated P.2170 (Verbier) licence, working closely with JOG as part of the overall Greater Buchan Area Plan to maximize economic recovery in the area.
JOG will remain as 100% licence holder and operator of blocks 20/5a and 21/1a and has now commenced the concept appraisal and selection phase activities of the GBA development.