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Xcite Energy, Statoil and EnQuest sign collaboration deal for North Sea oil fields

Xcite Energy Resources, Statoil and EnQuest have signed a collaboration agreement to study the possible use of a common gas import infrastructure between three North Sea oil fields.

 

Under the deal, the three companies will together analyse and develop proposals related to a shared gas import infrastructure for the Bentley, Brassey and Kraken fields.

 

Xcite Energy CEO Rupert Cole said: "This new collaboration with Statoil and EnQuest to assess this shared infrastructure is an important initiative, which highlights the scope of potential opportunities available to our respective projects.

 

"I believe that today's announcement further demonstrates that additional value can be created by companies collaborating in key development activities and it reinforces our commitment to "maximising economic recovery" from the area immediately surrounding the Bentley field."

 

Xcite Energy holds and operates 100% of the Bentley field, located in Block 9/3b (licence P1078).

 

The field is situated on the East Shetland Platform in the north of the UK North Sea, 8km south-east of the Bressay field.

 

Statoil operates the Bressay field with an 81.625% working interest and Shell holds the remaining stake.

 

The expected recoverable oil volume from the field is 200 to 300 million barrels.

 

EnQuest operates the Kraken field with a 60% working interest, while Cairn Energy and First Oil own 25% and 15% stakes respectively.

 

Located in the East Shetland basin, the field is estimated to contain around 140 million barrels of gross oil reserves and has an expected production life of about 25 years, with first oil targeted for 2017.

 

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