LONDON – Britain’s Oil and Gas Authority has awarded Jersey Oil & Gas a 100% operated interest in block 21/2a in the Greater Buchan Area of the central North Sea, under the UK’s 31st Supplementary Offshore Licensing Round.
The additional acreage includes the Glenn oil discovery.
JOG’s license carries an initial two-year term, the main obligations comprising geotechnical studies, with a drill or drop well decision due at term end.
The acreage is contiguous with earlier awards in the Greater Buchan Area containing the Buchan and J2 discoveries, and the Capri, Chamonix, Courchevel, and Zermatt prospects and license P2170 (blocks 20/5b and 21/1d) acreage that contains the Equinor-operated Verbier oil discovery (JOG 18%).
Taken together, the company now sees an opportunity to operate a major new area development with more than 120 MMboe of discovered net recoverable resources.
JOG has started planning for this project, which will encompass redevelopment of the Buchan oil field, and development of the J2 oil discovery and potentially Glenn and Verbier, as well as other discovered and yet-to-be-found resources in the GBA.
It is aiming for first oil, subject to funding, in 2024.