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    Jersey strengthens grip on North Sea Verbier oil project

    April 7, 2021
    Jersey Oil & Gas has completed its acquisition of CIECO V&C (UK) from owners ITOCHU and Japan Oil, Gas and Metals National Corp.
    (Courtesy Jersey Oil & Gas)
    Verbier license map.
    Verbier license map.

    Offshore staff

    LONDON – Jersey Oil & Gas (JOG) has completed its acquisition of CIECO V&C (UK) from owners ITOCHU and Japan Oil, Gas and Metals National Corp.

    The deal, first announced last November 2020, comprises a completion payment of £150,000 ($207,000) and two contingent payments.

    These are based on Britain’s Oil & Gas Authority’s consent for a development plan for the Vebrier oilfield in the UK central North Sea, plus potential future development and production of oil volumes from the discovery in the Upper Jurassic (J62-J64) Burns sandstone reservoir in license P2170 (blocks 20/5b and 21/1d).

    JOG plans to develop Verbier, discovered by previous operator Equinor, as part of a new hub for the Greater Buchan Area.

    In addition, it sees further exploration potential elsewhere in the license.

    04/07/2021