MP21 Nov 2016 15:33
My MP has sent this letter to the OGA. Good marks for effort but I suspect the reply will not shed much light on the issue
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Dear Andy
Xcite energy and the Bentley field
I have been contacted by a constituent who held shares in Xcite Energy, which owns the Bentley field East of Shetland. As you will be aware, Xcite has entered liquidation, with the result that shareholders are likely to lose the entire value of their investments. While I understand that commercial difficulties of a specific company are outwith the direct control of the OGA, I would be very grateful for some information on the level of your involvement.
I understand Bentley was previously identified as a strategic priority. I am aware that the licence was extended by the OGA to 2017. I would appreciate information on whether the OGA was involved in assisting the company to make a successful concern out of the asset, and what any involvement entailed.
Exploration is critical to the continued success of the UKCS, and I would be very grateful to know what the OGA is doing to ensure investor confidence is not shaken by events such as this liquidation.
Finally, it would be very helpful to understand the OGA’s priorities for the field in the future. Are steps being taken to ensure the field is developed, bringing jobs and investment to the UKCS? I am sure you will agree that, if we are to ensure that the North Sea brings continued prosperity for years to come, large finds such as Bentley must attract investment to create future production.
I look forward to your reply
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