The North Sea Transition Authority (NSTA) has approved a roughly six-month extension to the second term of the P2170 Verbier license, aligning it with the duration…
The North Sea Transition Authority (NSTA) has approved a roughly six-month extension to the second term of the P2170 Verbier license, aligning it with the duration of the P2498 Buchan Horst (Buchan) license as work continues on the Greater Buchan Area (GBA) development by operator NEO NEXT+ Energy and its partners Serica Energy and Jersey Oil & Gas.
The second term of the P2170 license has been extended to February 28, 2027, matching the corresponding term of the P2498 Buchan license. Jersey Oil said the alignment reflects the NSTA's objective of progressing an integrated area plan centered on a phased development led by the Buchan field.
Under the UK offshore licensing regime, the second term of a license is the period during which licensees are required to obtain approval for a field development plan before moving into the third term, which covers field development and production.
According to Jersey Oil, it plans to request an extension to the second term of the Buchan license later this year, with the application incorporating an overall development schedule and a further extension request for the P2170 license.
The company also said the reassessment of the Buchan development has continued following a slowdown in project
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