BANCHORY, UK â€“ Xcite Energy Resources (XER) has a memorandum of understanding (MOU) with Teekay Shipping Norway for a floating storage and offloading (FSO) facility for the Bentley heavy oil field in the UK northern North Sea. The FSO, based on Sevan Marineâ€™s cylindrical floater technology, will be bridge linked to the Bentley production platform. XER and Teekay plan to collaborate throughout the project, from front-end engineering through fabrication, hook up, and into production operations and maintenance. Sevan Marine ASA will act as sub-contractor to Teekay under the terms of the MOU. 04/08/2014 http://www.offshore-mag.com/articles/2014/04/xcite-selects-cylindrical-fso-for-north-sea-bentley-oil-project.html
Yep, but they need to throw something in there in the interim based on the positive seismic and previous well data, then reflect on whether they wish to go for development/production. That will take time, based on how long Bentley has taken..
Personally think better not, XEL should keep the other blocks as 100% ownership, at least until reserves figures are fully quantified. Plus not necessarily the same partner, Total or BP for example for Camm, and sell into the Bentley jv, if one is set up, whatever's required there. Also, if the EOR issue is hard to quantify for now then separate that into a newco, and Bentley or the other fields that use the service pay a price per barrel.
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