Enegi Oil, which in partnership with ABTechnology owns the ABT Oil & Gas joint venture (JV), has agreed to extend its option agreement with Wood Group's PSN division (WGPSN) until March 31st 2014. The option gives WGPSN the possibility to expand its participation in the development of the marginal field initiative. All three parties have been in discussions relating to the structure and terms of this expanded role. WGPSN has been a strategic partner of ABT in the commercial exploitation of unmanned buoy technology since 2011, by way of a framework agreement, which has allowed it exclusivity in the provision of a number of engineering services.The group recently explained that the recent acceleration in the development of the marginal field initiative, in terms of industry interest, project acquisition and expansion of the technology portfolio, has encouraged the parties to reassess the relationship, with a view to WGPSN participating more widely in the development of the business. Enegi Chief Executive Officer, Alan Minty, on Tuesday said: "The continuing recovery of hydrocarbons from mature basins is becoming an increasingly important topic within the industry, none more so than the UK Continental Shelf (UKCS). Regulators and governments are keen to maximise recovery from such mature basins which has become more difficult as discovery sizes diminish, production rates decline, infrastructure is decommissioned and costs increase."The recently released report on the future of the UKCS highlights the need for action to be taken to adopt strategies aimed at maximising economic recovery. These strategies appear to have universal support. Marginal field solutions, which focus on a reduction in Capex and Opex through the combination of being unmanned and redeployable, offer a key building block in achieving the aim of maximum economic recovery."In order to maximise the opportunities to develop marginal fields, Enegi and ABT are reviewing the structure of its JV, ABT Oil and Gas and expect to make an announcement on this in due course."Enegi Oil shares rose 4.92% to 8.26p by 12:05, while Wood Group's were down 0.94% at 741.50p. NR