OIL explorer Xcite Energy said yesterday a shuttle tanker had been lined up for its Bentley discovery in the UK North Sea.
The Aberdeen firm has signed a letter of intent with Teekay Shipping Norway for the vessel for Phase 1A of the field-development programme. The companies are expected to enter into a definitive agreement for one of Teekay’s dynamically positioned shuttle tankers within three months.
Xcite exploration and development director Steve Kew said: “We are pleased to have secured a storage and offtake vessel, which will play a key part in Phase 1A and first oil from the Bentley field. As another important step in the overall planning for the field development, it also serves to highlight the concurrent activity that is under way while we await the necessary approvals from DECC (the Department of Energy and Climate Change).”
Xcite said on Monday it remained highly committed to successful exploitation of Bentley, one of the largest undeveloped finds in UK waters.
The firm had said at the start of this month it was changing development plans for the find to provide a more financially-efficient outcome in response to feedback from the DECC but was still on track for first oil next year.
The core Bentley area has been estimated to have 150million recoverable barrels of oil.
Xcite shares closed up 7.6% last night at 88.25p.
North Sea firm Valiant Petroleum said yesterday that its full-year production for 2011 was projected at about 7,500 barrels of oil per day; in line with guidance.
It said production guidance for 2012 was in the range of 7,000-8,500 barrels a day and was principally dependent on agreement of the final Don area work programme and timing of first oil from the Causeway field.
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