Jersey Oil and Gas PLC (LSE:JOG, FRA:TPC1) told investors it aims to develop the Greater Buchan Area project in the North Sea as the region’s first new project to be fully powered by electricity.
The company, in a statement, said it has seen significant stakeholder interest in working collaboratively to enable the GBA Development to become an integral part of an area-wide electrification project.
It is seen as an opportunity to improve the environmental credentials of the project, as well as being an opportunity to reduce both capex and opex. It comes as a farm-out partnering process is ongoing.
"Our GBA development represents a major opportunity in the UK Central North Sea to extract locally sourced hydrocarbons profitably and at low-cost, with basin-leading low carbon emissions,” said chief executive Andrew Benitz.
“The UK will continue to require responsibly produced hydrocarbons to support its planned energy transition for some time to come.
“We are determined to play as responsible a role in this as possible recognising that industry underinvestment risks driving prices higher, thereby making energy less affordable for consumers."
Jersey noted in Tuesday’s statement that the project’s front-end engineering design (FEED) programmes and final investment decision will be re-phased, once near-term studies on regional electrification have progressed to provide sufficient definition of the options.