Jersey Oil and Gas PLC (LON:JOG) said it submitted a concept selection report to the UK Oil and Gas Authority, marking a significant milestone in delivering maximum value from the Greater Buchan Area (GBA) development project in the North Sea.
GBA is planned as a ‘net-zero’ solution – with emissions estimated to be less than 1kg of CO2 per barrel of oil equivalent of production, which is substantially below the North Sea average of 22kg per barrel.
The submission of the concept selection report represents a "significant milestone for JOG in our journey to deliver maximum value from the Greater Buchan Area,” said Andrew Benitz.
“The submission of the CSR ahead of schedule is testament to the growing project team's continued hard work."
Jersey also noted that the project’s 'supply chain action plan' was issued to the OGA and it is evaluating export pipeline options.
Tendering is underway for the project’s front-end engineering and design (FEED) and an application has been made to the OGA for the company to be appointed an OSD Installation Operator.
A farm-out process is meanwhile underway and is subject to broad interest and participation from multiple parties, the company said.