Xcite modifies North Sea heavy oil development plan

Xcite Energy has reconfigured its first-phase plan for the Bentley heavy oil field in the UK northern North Sea.

Offshore staff

BANCHORY, UK – Xcite Energy has reconfigured its first-phase plan for the Bentley heavy oil field in the UK northern North Sea.

This follows a request from Britain’s Department of Energy and Climate Change to ensure a more cost-effective outcome.

Xcite Energy says the changes will allowed it to maintain its targeted first oil date in 2012.

The principal elements of the revised plan are Phase 1A with first oil planned for 2012, Phase 1B planned for 2013, and Phase 2 in 2016.

Assuming government sanction, Xcite says it now intends to pre-invest substantially in Phase 1B and Phase 2, with the aim of lowering the unit cost of oil produced and thereby maximizing Bentley’s commercial value in advance of Phase 1B.

The Rowan Norway jackup, which will undertake development drilling, has arrived in Dundee, eastern Scotland. The rig has been undergoing final equipment testing, crew training and regulatory certification for operations prior to deployment on Bentley.

12/02/2011

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