Oil & Gas

Xcite hunts partner to finance Bentley field

Oil and gas explorer Xcite Energy said it is still seeking out additional partners to help fund its Bentley Field project amid an industry-wide slowdown in project financing. The Aberdeen-headquartered firm yesterday posted losses of £5million for 2014, against profits of more than £9million a year earlier. Xcite had no revenues to report, as the 300million-barrel Bentley Field, which lies south-east of Shetland, has yet to start producing. In August the firm described the field as one of the North Sea’s largest untapped resources with the potential to produce more than 700million barrels of oil over 35 years.

Oil & Gas

Xcite Energy signs Bentley Field MOU with COSL

Xcite Energy has signed a Memorandum of Understanding (MOU) with China Oilfield Services Limited (COSL) to provide a harsh environment jack-up drilling rig for its Bentley Field. The company said COSL will work in a collaborative manner in a bid to maximise recovery from the field. The work will also include equipment and personnel to work on the field in the UK North Sea.