LONDON (ShareCast) - (Sharecast News) - UK North Sea-focussed upstream oil and gas company Jersey Oil & Gas updated the market on operations at its Greater Buchan Area (GBA) development project on Wednesday, reporting that subsurface evaluations and an independent peer review of subsurface and facilities concept select scopes had been completed.
The AIM-traded firm said a concept select report had been issued to the UK Oil and Gas Authority (OGA), outlining that the preferred GBA development concept was a fully-electrified 'net-zero' solution.

That was estimated to emit carbon at a rate of less than one kilogram of carbon dioxide per barrel of oil equivalent produced, which Jersey said was "significantly below" the North Sea average of about 22 kilograms per barrel produced.

A 'supply chain action plan' had also been issued to the OGA, with an evaluation of export pipeline options underway.

In line with its strategy to electrify the GBA development, applications for a UK electricity grid connection had been submitted, and a pipeline and subsea electricity cable survey contract awarded.

In addition to being economically attractive to electrify the planned Buchan platform, Jersey said the installation of a subsea electricity cable had the potential to facilitate the electrification of other nearby platforms, with collaboration efforts said to be ongoing.

Front-end engineering and design tendering was ongoing, and an application had also been made to the OGA to be appointed as Offshore Safety Directive installation operator.

A farmout process was also underway, with "broad interest and participation" reported from multiple parties.

"The submission of the concept select report to the OGA represents a significant milestone for Jersey Oil & Gas in our journey to deliver maximum value from the Greater Buchan Area," said chief executive officer Andrew Benitz.

"Our chosen development concept ensures that, through electrification, the GBA Development could produce less than one kilogram of carbon dioxide per barrel produced; fully aligned with the UK's 'net-zero' targets.

"The submission of the CSR ahead of schedule is testament to the growing project team's continued hard work."

At 1017 BST, shares in Jersey Oil & Gas were up 2.01% at 152p.

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