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Jersey Oil and Gas upgrades Buchan field’s oil resource estimates

Published: 02:54 26 Jan 2021 EST

Jersey Oil and Gas PLC - Jersey Oil and Gas upgrades Buchan field’s oil resource estimates

Jersey Oil and Gas PLC (LON:JOG) has released new and upgraded contingent resource estimates for the Buchan oil project in the North Sea.

Following dynamic reservoir work conduced by Schlumberger the company has set P50 contingent technically recoverable resources of 126mln barrels of oil for the Buchan oil field, which will be the central part of the Greater Buchan Area (GBA) hub project.

It marks an improvement from a prior estimate of around 82mln barrels, and lifts the whole GBA inventory to 162mln barrels.

READ: Jersey unearths Wengen prospect

"I am delighted with the results of dynamic modelling which result in an increase in the estimated contingent resource volumes of light sweet crude in the proven, conventional reservoir at Buchan by over 50%,” said Andrew Benitz, Jersey chief executive in a statement.

“These compelling results demonstrate the substantial inherent value of the Buchan field and the wider GBA development.”

The P50 estimate is based on 507mln STOIIP (stock tank oil initially in place) barrels. The upside resource estimate (P10) sees 615mln of STOIIP barrels and 184mln barrels of technically recoverable resources, whilst the conservative estimate (P90) has 426mln barrels STOIIP and 72mln barrels recoverable.

In the P50 development plan, the field would comprise five producing wells plus two water injection wells.

"We recognised the potential of Buchan at an early stage and have maintained our strategic focus on this area in the heart of the Central North Sea with the benefit of aggregation of high value assets becoming self-evident,” Benitz added.

“The GBA development project presents a very compelling investment case that we believe will have wide industry appeal. We look forward to formally engaging with industry in due course and attracting the right industry partnership aligned and committed to the GBA's future success."

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