Xcite Energy signs collaboration agreement with Statoil and Shell
On May 6 Xcite Energy announced that its subsidiary, Xcite Energy Resources (XER), entered into a collaboration agreement with Statoil Ltd. and Shell U.K. Ltd. and share field-specific technical and operational information for the evaluation of potential synergies and collaboration between the Bentley and Bressay Fields.
“We are pleased to continue to work with Statoil and Shell in this important initiative and, following their purchase of the Bentley EWT data in 2013, believe that it demonstrates the value that independent oil companies can bring to the North Sea to unlock major energy assets,” said Rupert Cole, CEO of Xcite Energy.
Statoil and Shell will work together to analyze the available information and develop a number of proposals for assessment, including the potential utilization of common infrastructure, assets and operational solutions during the phased development of the Bentley Field and the future development of the Bressay Field.
XER believes that collaboration in a number of key areas, along with a coordinated approach to an area development, will realize a number of mutual opportunities which have the potential to benefit all stakeholders.
“We also believe that the principles contained in this Collaboration Agreement complement the recent UK Government commissioned report, ‘UKCS Maximising Recovery Review’ by Sir Ian Wood, and will provide an important early framework through which additional value can be captured in area development scenarios,” Cole said.
Xcite Energy is a heavy oil development company currently focused on the development of discovered resources in the North Sea. Through XER, its wholly-owned UK subsidiary, the company has a 100 percent working interest in Block 9/3b (containing the Bentley oil field), Block 9/3c and Block 9/3d, 9/4a, 9/8b and 9/9h situated in the North Sea.