6th May 2014 07:58
LONDON (Alliance News) - Xcite Energy Ltd Tuesday said it has started a collaboration agreement with Statoil Ltd and Shell UK Ltd, part of Royal Dutch Shell PLC, to share technical and operational information in order for potential joint operations at the Bentley and Bressay fields in UK North Sea.
Xcite, an oil and gas exploration and development company, said the collaboration team will work together to analyse the current available information and develop a number of proposals for assessment of the sites.
The company said the proposals include the potential utilisation of common infrastructure, assets and operations during the phased development of the Bentley Field and the future development of the Bressay Field.
Xcite said the collaboration should lead to a number of mutual opportunities which should be beneficial to all stakeholders.
The news comes a month after Xcite announced that it entered an agreement with AMEC Group Ltd, part of AMEC PLC, and Ove Arup & Partners Ltd, which sets out the principles of co-operation for the design and development of Arup's self-installing, steel concept elevating platform for the Bentley field.
Xcite said at the time that the companies intend to work together to optimise the existing concept elevating platform design for the Bentley field, covering all aspects of assurance, engineering, procurement, construction and installation.
The Bentley Field is one of the largest undeveloped fields in the North Sea and contains roughly 909 million stock tank barrels in place of 10 to 12 degree API heavy oil.
Xcite shares were up 18% to 75.08 pence, putting it second among AIM ALL-Share risers.
By Tom McIvor; [email protected]; @TomMcIvor1
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