Xcite Energy signs collaboration agreement with Statoil and Shell

By Admin
[email protected] The May issue of Energy Digital magazine is live On May 6 Xcite Energy announced that its subsidiary, Xcite Energy Resources (XER...

The May issue of Energy Digital magazine is live

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.

Share
Share

Featured Articles

Alfa Laval to supply world’s largest green hydrogen plant

The facility is being built in NEOM, the US$500bn futuristic city being developed in Saudi Arabia

COP27 agrees to climate compensation fund

The deal is said to be a historic first in acknowledging the vast inequities of the climate crisis

North America's natural gas can help mitigate energy crisis

In the effort towards decarbonisation, North America could be a key player in providing affordable natural gas, addressing energy security issues

COP27: Egypt and Norway to build 100MW green hydrogen plant

Renewable Energy

Renewable energy company Masdar opens office in Saudi Arabia

Renewable Energy

Ørsted closes US$140m transaction with ECP for US portfolio

Renewable Energy