North Sea-focused independent oil and gas firm Xcite Energy said Tuesday that it would continue a collaborative approach to achieve the completion of its engineering program on the Bentley field.
In an update covering the three-month period to March 31, Xcite highlighted its collaborative agreement signed with Statoil and Shell UK for the sharing of technical and operational information to evaluate potential synergies and collaboration in the development of the Bentley and Bressay oilfields. The firm also noted its memoranda of understanding with AMEC, Arup and Teekay, which it said marked the "first, important stage in the industry service provider partnership solution for the development of the Bentley field".
Meanwhile, Xcite said that it had upgraded its 1P, 2P and 3P oil reserves for the Bentley field to 203 million, 257 million and 317 million barrels of oil respectively.
Xcite CEO Rupert Cole commented in a company statement:
"We have worked very effectively this year to keep momentum in the development of Bentley, resulting in the signing of the MOUs with the first of our development partners and the successful extension of the Bentley license until the end of 2016. We shall continue to apply this approach for the balance of the year to complete the engineering programs, progress towards formal contracts with our development partners and be in a position to complete the Field Development Plan.
"To support this phase of the development we have further strengthened our board of directors. The recent collaboration with Statoil and Shell highlights how much the company can bring to an area development strategy and this is a good example of what the Wood Review is seeking to achieve."
Xcite had a cash balance of $29.2 million (GBP 17.4 million) at the end of March.
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