Xcite Energy has become one of the first firms to get into the spirit of the Wood Review by pushing for the development of the area around its Bentley Field.
Sir Ian Wood wants a new regulator to be given additional powers to ensure that all licence holders act in a way that is consistent with maximising UK recovery.
That includes increased collaboration between companies, particularly around access to infrastructure, and improved data sharing.
The UK Government is in the process of forming the new body – but some firms are already taking action.
In an update to shareholders yesterday, Xcite said its collaboration agreement with oil giants Shell and Statoil was a sign of things to come for the industry.
The companies will share technical and operational information to evaluate potential areas of collaboration in the development of Bentley and the neighbouring Bressay field.
The company also confirmed it had signed Memoranda of Understanding with AMEC, Arup and Teekay to develop Bentley.
Rupert Cole, chief executive of Xcite, said: “We have worked very effectively this year to keep momentum in the development of Bentley, resulting in the signing of the MOUs with the first of our development partners and the successful extension of the Bentley licence until the end of 2016.
“We shall continue to apply this approach for the balance of the year to complete the engineering programmes, progress towards formal contracts with our development partners and be in a position to complete the Field Development Plan.
“To support this phase of the development we have further strengthened our board of directors.
“The recent collaboration with Statoil and Shell highlights how much the company can bring to an area development strategy and this is a good example of what the Wood Review is seeking to achieve.”
Xcite also revealed yesterday that it lost £40,000 in the first three months of the year, but has a cash balance of £17.4million.