Jersey Oil & Gas receives three-year extension to North Sea Verbier licence

Jersey Oil & Gas receives three-year extension to North Sea Verbier licence

Upstream oil and gas company Jersey Oil and Gas PLC has been approved for an extension to the second term of the P2170 Verbier licence by the North Sea Transition Authority (NSTA).

The licence, which has been extended by three years to 29 August 2026, was requested in order to provide the licensees with more time to prepare a Field Development Plan for the Verbier discovery, as part of a phased Greater Buchan Area (GBA) development plan.

Phase one of the planned GBA work programme involves the re-development of the Buchan field, with the start-up of production targeted for 2026.

In addition to the Verbier licence, Jersey Oil, which is focused on the UK Continental Shelf region of the North Sea, was recently granted an extension of the P2498 Buchan licence.

NSTA approved the Buchan licence at the same time as approving the transfer of a 50% interest in the project to farm-in partner NEO Energy.

It means that the current exploration term now runs until the end of February 2025.

Published: 04-07-2023