Jersey Oil & Gas PLC (JOG) received approval from the North Sea Transition Authority for an extension to the second term of the P2170 Verbier license in the Greater Buchan Area (GBA) of the UK Central North Sea.
The second term has been extended by 3 years to Aug. 29, 2026, further to the recently announced extension of the P2498 Buchan license. The extension was requested to provide licensees time needed to prepare a field development plan for the Verbier discovery, as part of a phased GBA development plan.
The first phase of the GBA work program involves redevelopment of Buchan field, with production startup targeted for 2026.
Verbier is part of the GBA hub which consists of the Buchan oil discovery and the J2 and Glenn oil discoveries. In aggregate, Jersey estimates some 144 MMboe of gross recoverable resources can be commercially produced through the Buchan hub (OGJ Online, May 20, 2020).
JOC is operator and holds 50% interest in Block P2170. On Apr. 7, JOG farmed out 50% interest in the GBA licenses to NEO Energy (OGJ Online, Apr. 7, 2023).
