大布坎地区概念;来源：泽西岛石油天然气公司
早在2021年3月，泽西岛就透露了其首选的大布坎地区开发概念，第一阶段是位于巴坎油田的单一集成井口、生产、公用设施和宿舍(WPUQ)平台。当时，该公司透露，在预计于2022年做出最终投资决定之前，将启动一个外判程序。几天后，泽西岛证实，计划中的外包程序已正式启动。该公司正在于2023年3月底敲定一项外包协议。
泽西岛石油天然气公司于2023年4月6日周四宣布将Greater Buchan地区(GBA)许可证的50%权益租给NEO Energy，该交易解释称，该交易将带来实质性价值，包括现金支付、通过油田开发计划(FDP)批准提供资金，以及为first Oil保留的50%权益提供至少12.5%的开发支出。
据这家英国公司称，此次外判将为最终确定GBA开发解决方案和将超过1亿桶石油当量的资源货币化开辟道路，同时为开发制裁和第一批石油提供明确的途径，并有机会通过额外的外判交易创造进一步的价值。这两个参与者致力于评估通过使用现有基础设施和潜在的低碳电气化选项，使GBA发展成为其低碳证书的旗舰地位的选项。
泽西石油天然气公司首席执行官Andrew Benitz，评论：“我们很高兴宣布与NEO Energy的这笔交易，NEO Energy是一家资金充足的行业重量级公司，也是英国CS的第五大生产商。此次收购标志着JOG的一个重大价值创造时刻，从运营和资金角度来看，这是GBA发展计划的一个重要风险降低，并为业务的长期价值增长提供了跳板。”
作为达成最终协议将GBA许可证中50%的工作权益和运营权剥离给NEO的交换，泽西岛将获得北海过渡管理局(NSTA)批准的FDP中包含的布坎油田开发成本的12.5%结转，相当于1.25的结转率;以及泽西岛在估计2500万美元的成本中所占的50%的份额，以使布坎油田获得FDP的批准。
此外，交易完成后，泽西岛将获得200万美元的现金支付;GBA开发解决方案最终确定后支付940万美元现金;NSTA批准Buchan FDP后支付1250万美元现金;以及在NSTA就J2和Verbier石油发现批准每次FDP时支付500万美元现金。此外，完成交易的主要先决条件是获得NSTA对交易的批准以及泽西岛两个GBA许可证的相关延期。
完成后，许可证的运营权将移交给近地天体能源公司。因此，泽西岛将与近地天体能源公司合作，选择首选的开发解决方案，并确认了GBA的一系列有吸引力的选项，这些选项利用了现有的北海基础设施。这家英国公司打算将GBA许可证中的额外股权外租，以在FDP批准后最终保留该开发项目20-25%的附带权益。
根据这一点，NEO Energy可以选择将其在Buchan许可证中50%的权益再增加37.5%，以换取进一步的现金支付，如果泽西岛在开发中的任何股权在提交FDP之前仍然没有资金，此类付款是由于公司在GBA开发解决方案和Buchan FDP完工后支付的未来现金的按比例余额。
根据泽西岛在2021年披露的计划，第1阶段的设施预计将设计为适应第2阶段和第3阶段的开发。虽然第二阶段预计将通过海底回接到GBA平台开发J2 West、J2 East和Verbier East发现，但第三阶段计划通过连接到第二阶段海底基础设施开发Verbier West发现。油田寿命预计为31年。这些设施将由岸上供电。
此外，这家英国公司强调，其正在进行的和计划中的工作计划仍然资金充足，截至2022年12月31日，现金余额约为650万英镑。该公司打算在交易完成后使用预计从NEO获得的现金支付，以实现其增长战略并提供额外的营运资金。
据估计，GBA总面积包含1.72亿桶油当量(MMboe)的已发现P50可采资源，以及靠近该公司计划的Buchan平台的约1.68亿桶油当量的潜在勘探上升潜力。
Benitz总结道:“我们期待着与NEO Energy合作，为GBA选择最佳的开发解决方案，并将项目通过审批并投入未来的生产。”
泽西岛位于北海中部的心脏地带，在GBA项目中的股权包括对包含Buchan油田和J2石油发现的区块的运营权和100%的开采权益，以及对包含Verbier石油发现和其他勘探前景的P2170许可证区块20/5b和21/1d的100%开采权益。
根据泽西岛在2021年披露的计划，第1阶段的设施预计将设计为适应第2阶段和第3阶段的开发。虽然第二阶段预计将通过海底回接到GBA平台开发J2 West、J2 East和Verbier East发现，但第三阶段计划通过连接到第二阶段海底基础设施开发Verbier West发现。油田寿命预计为31年。这些设施将由岸上供电。
原文如下：
UK-headquartered Jersey Oil & Gas (JOG) has agreed to farm out a partial stake in an asset on the UK Continental Shelf (UKCS) to the HitecVision-backed NEO Energy.
Greater Buchan Area concept; Source: Jersey Oil & Gas
Back in March 2021, Jersey revealed its preferred development concept for the Greater Buchan Area development with Phase 1 being a single integrated wellhead, production, utilities, and quarters (WPUQ) platform located at the Buchan field. At the time, the firm disclosed that it would launch a farm-out process ahead of the final investment decision expected in 2022. A few days later, Jersey confirmed that the planned farm-out process was formally launched. The firm was in the process of finalising a farm-out deal at the end of March 2023.
While announcing the farm-out of a 50 per cent interest in the Greater Buchan Area (GBA) licences with NEO Energy on Thursday, 6 April 2023, Jersey Oil & Gas explained that the deal would deliver material value, including cash payments, funding through to field development plan (FDP) approval and a minimum 12.5 per cent development expenditure carry to first oil for the 50 per cent interest retained by the company.
According to the UK firm, this farm-out will unlock the route to finalising the GBA development solution and monetisation of resources in excess of 100 million barrels of oil equivalent while providing a clear path to development sanction and first oil, with the opportunity to create further value through additional farm-out transactions. The two players are committed to evaluating options to give the GBA development flagship status for its low-carbon credentials through the use of existing infrastructure and potential low-carbon electrification options.
Andrew Benitz, CEO of Jersey Oil & Gas, commented: “We are delighted to announce this transaction with NEO Energy, a well-funded industry heavyweight and the fifth largest producer in the UKCS. The farm-out marks a major value creation moment for JOG, a significant de-risking of the GBA development programme, from both an operational and funding perspective, and provides the springboard from which to grow the long-term value of the business.”
In exchange for entering into definitive agreements to divest a 50 per cent working interest and operatorship in the GBA licences to NEO, Jersey will receive a 12.5 per cent carry of the Buchan field development costs included in the FDP approved by the North Sea Transition Authority (NSTA), equivalent to a 1.25 carry ratio; along with a carry for Jersey’s 50 per cent share of the estimated $25 million cost to take the Buchan field through to FDP approval.
In addition, Jersey will get a $2 million cash payment on completion of the transaction; a $9.4 million cash payment upon finalisation of the GBA development solution; a $12.5 million cash payment on approval of the Buchan FDP by the NSTA; and a $5 million cash payment on each FDP approval by the NSTA in respect of the J2 and Verbier oil discoveries. Furthermore, the primary conditions precedent to completing the transaction are receipt of the approvals from the NSTA for the transaction and the associated extension of Jersey’s two GBA licences.
Upon completion, operatorship of the licences will transfer to NEO Energy. Therefore, Jersey will be working in partnership with NEO Energy to select the preferred development solution, having confirmed a short list of attractive options for the GBA, which utilise existing North Sea infrastructure. The UK player intends to farm out additional equity in the GBA licences to ultimately retain a 20-25 per cent carried interest in the development following FDP approval.
In line with this, NEO Energy has an option to increase its 50 per cent interest in the Buchan licence by up to an additional 37.5 per cent in exchange for a further cash payment should any of Jersey’s equity share in the development remain unfunded ahead of FDP submission, with such payment being the pro-rated balance of future cash payments due to the firm post completion in relation to the GBA development solution and Buchan FDP.
“The unstable fiscal conditions resulting from the introduction and revision of the Energy Profits Levy during 2022 have been challenging. As the joint venture moves forward towards first oil, which is targeted for 2026, it will be mindful of the future fiscal attractiveness of the UK,” explained Jersey.
Moreover, the UK firm highlights that it remains well funded for its ongoing and planned work programmes, with a cash balance of approximately £6.5 million as of 31 December 2022. The company intends to use the cash payments anticipated to be received from NEO, following the completion of the transaction, to pursue its growth strategy and provide additional working capital.
The total GBA acreage is estimated to contain 172 million barrels of oil equivalent (MMboe) of discovered P50 recoverable resources net in addition to the significant exploration upside potential of approximately 168 MMboe of prospective resources close to the firm’s planned Buchan platform.
“We are looking forward to working collaboratively with NEO Energy to select the optimal development solution for the GBA and taking the project through to sanction and on into future production,” concluded Benitz.
Located in the heart of the Central North Sea, Jersey’s stake in the GBA project includes operatorship and 100 per cent working interests in blocks that contain the Buchan oil field and J2 oil discovery and a 100 per cent working interest in the P2170 Licence Blocks 20/5b & 21/1d, that contain the Verbier oil discovery and other exploration prospects.
Based on Jersey’s plans disclosed in 2021, Phase 1 facilities are expected to be designed to accommodate Phase 2 and Phase 3 of the development. While Phase 2 is expected to develop the J2 West, J2 East, and Verbier East discoveries via a subsea tie-back to the GBA platform, Phase 3 is planned to develop the Verbier West discovery via connection to the Phase 2 subsea infrastructure. The field life is anticipated to be 31 years. The facilities will be powered from shore.
