A group of oil and gas firms have joined forces to plan the delivery of more than 200 million barrels from the outer Moray Firth.
Jersey Oil and Gas will lead the Greater Buchan Area (GBA) study group, whose other members include Ping Petroleum, Cieco, Summit E&P and Zennor Petroleum.
They will work out whether a collection of fields in the GBA could be developed together.
Norwegian energy giant currently operates Verbier but is in the process of selling its 70% stake to Jersey.
Jersey chief executive Andrew Benitz said:”We are delighted to be progressing this important study to evaluate the technical and commercial benefits of working together with neighbouring operators to potentially develop over 200 million boe of discovered oil and gas within the wider Greater Buchan Area.”
Scott Robertson, operations director at the Oil and Gas Authority, said: “I am delighted with this collaboration agreement in the Greater Buchan Area, particularly given collaboration was a key component of the OGA’s vision for the Greater Buchan Area through the 31st Supplementary Licensing Round award in 2019.
“Oil and gas will remain an important part of the UK’s energy mix for the foreseeable future as we transition to net zero. The OGA is encouraged by the collaborative and energy efficient example Jersey Oil & Gas is setting.”