I have no idea about timescales and any estimation would be pure guesswork.
However I do think Bentley will prove to be far more profitable than many expect.
How many 250 million barrel oilfields (with two wells already in place and good to go ), are currently sitting idle in the North Sea? An oilfield where the heavy crude has previously been sold for over $100 per barrel.
If Statoil are changing their plans based on what the EWT achieved, then it's a very strong endorsement of XEL's methods and expertise. I also feel they would like to become more involved with the development of Bentley.
Everything will fall in place at the same time. DECC approval subject to finance will be the trigger point. XEL will then know its time to wrap up negotiations. RBL since already partly approved will be a much easier process. I can't see the DECC dragging this out much longer. They have already approved the original DRAFT FDP and have been working with XEL for many years. (They got their EWT)
7 June 2013 At a time when supplies of ‘easy’ oil are perhaps falling away, Xcite Energy Limited is marking itself out as an appraisal and development company focusing on offshore heavy oil.
“We acquired this field through the Promote Licence Round in 2003,” explains Charles Lucas-Clements, director of strategy and business development.
“We’ve pursued a methodical and progressive appraisal programme over the years, enabling us to bring oil to surface in 2007, through to delivering 250 million barrels of 2P reserves in 2013 after a highly successful pre-production extended well test (“EWT”) which was completed in September 2012. We also have peripheral assets and were awarded three adjacent blocks in the 27th Licensing Round last year.”
Picking up the thread Charles adds: “In the process of executing the programmes so far we have developed an extensive knowledge, not only of the Bentley field and the engineering solutions needed to successfully commercialise a reservoir of this type, but also how to manage a significant offshore, heavy oil project. One of the key things in this industry is the sharing of knowledge when moving into new areas, and we are keen to do this with others just as they are keen to speak with us.”
Latest rumour is that Xel, helped by AMEC with their atomic xpertise, rigged up a nuclear-powered pump during the EWT to suck the oil out of Bressay and fully charge up Bent. Stat must have got wind of this and thus delayed Bressay.
As our oil now glows in the dark it will be used for lighting at the refinery thus saving costs and adding to it's value.
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