NORTH Sea focused Jersey Oil & Gas (JOG) has made clear it still hopes to develop a major new hub of producing fields despite facing challenges.

In a new video presentation Jersey has reaffirmed plans to restart production from the giant Buchan field in the Moray Firth as part of a scheme that will involve developing finds made nearby.

It reckons there could be a further 80 million barrels to be recovered from Buchan. This was taken out of production in 2017 by a previous operator, 36 years after it was brought onstream.

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Some 148 million barrels oil equivalent was produced from the field during that period.

Recent technical work completed by Jersey has left directors convinced that it would be viable to restart production from Buchan. It reckons all the work involved could be completed in time to bring Buchan back onstream in 2025.

This would involve installing new production facilities that could be used by other fields in the area. These include the Verbier find that Jersey made with Norwegian giant Equinor in 2017.

Initial excitement about the find cooled after the results of appraisal drilling suggested it was smaller than hoped.

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Jersey completed the low-cost acquisition of Equinor’s stake in the acreage containing Verbier in May.

Jersey may find it hard to find partners that would be willing to commit to the hefty investment required to complete the planned Greater Buchan area development amid current market conditions.

Oil and gas firms have slashed spending in the North Sea in response to the sharp fall in commodity prices triggered by the coronavirus crisis.