Oil and gas firm Enegi said yesterday it had agreed a joint venture with project partner Advanced Buoy Technology (ABT) to develop difficult-to-access reserves.
The deal formalises the relationship between the pair, which collaborated last year in bidding at the 27th UK licensing round, obtaining two offshore permits.
Aberdeen-based technology firm ABT develops unmanned floating production units to access small, marginal oil and gas reservoirs and the deal will not affect its arrangement with Wood Group PSN to commercialise its the unmanned buoy technology.
Enegi director Frank Jackson said: “The joint venture provides Enegi with a unique opportunity to accelerate the growth of its asset portfolio by providing a cost-effective means to access unrecognised, high-value oil assets which are currently considered to be stranded or marginal despite in many cases being fully appraised.”
Enegi added that the partners were in discussions with operators to explore farming into fields on the UK continental shelf. It estimated there were more than 200 marginal North Sea fields the joint venture could target.