LONDON — Britain’s North Sea Transition Authority has approved Jersey Oil & Gas’ (JOG) request to extend the second term of its P2170 license in the central UK North Sea, which contains the Verbier discovery.
The concession is now aligned with JOG's P2498 Buchan license with the current phase expiring at the end of August 2023.
JOG is working on an area-wide development plan for the Greater Buchan Area (GBA).
CEO Andrew Benitz said the recent fiscal changes to the UK’s petroleum tax regime had slowed progress with farm-out discussions related to the GBA project, but these may now be concluded by first-quarter 2023.
He welcomed the confirmation that investment allowance would be retained as part of the amendments earlier this month to the UK's Energy Profits Levy.