Jersey Oil & Gas (JOG) has said that there is potential for the phased development of the Greater Buchan Area (GBA) project in the UK North Sea from a fully electrified platform.
As per the key findings of the concept select report (CSR), the project can be developed in three phases and could deliver low carbon intensity using the fully electrified platform.
It is being estimated that the GBA project holds 172 million barrels of oil equivalent (MMboe) 2C contingent resource of light sweet crude and associated gas.
Additionally, the project involves resuming production at the Buchan oil field as well as to produce the J2, Verbier and other oil discoveries within the area.
As per the CSR findings, the project’s phase 1 involves the installation of a single integrated wellhead, production, utilities and quarters (WPUQ) platform at the Buchan field. It is estimated to have a capital expenditure (CapEx) of around £1bn.
The second phase of the project involves the development of the J2 West, J2 East, and Verbier East discoveries, through a subsea tie-back to the GBA platform.
The finding also suggested under phase 3, the Verbier West discovery will be developed through connection to the subsea infrastructure of phase 2.
According to the Jersey Oil & Gas estimates, the nameplate capacity of the Greater Buchan Area hub is 40,000 barrels of oil per day (bpd) with plateau production of more than three years.
Jersey Oil & Gas said that the field is expected to have an operational life of 31 years.
The company plans to submit the concept select for the project to the Oil and Gas Authority (OGA) by July and reach a final investment decision in the second half of 2022.
Jersey Oil & Gas CEO Andrew Benitz said: “We now plan to launch a farm-out process, which we expect to be highly attractive to a wide range of oil companies in light of the project’s scale, economics and low carbon potential through platform electrification, characteristic of certain fully electrified fields offshore Norway.”