Independent producer Jersey Oil & Gas and fellow licensee of the Buchan field, NEO Energy, have agreed to buy Western Isles (pictured below), a floating production, storage and offloading (FPSO) vessel, they said November 17.
In the London stock-exchange announcement, JOG said NEO would pay it $9.4mn cash for the FPSO – which has been operational since 2017 – pursuant to the farm-out transaction announced April 6. This is in respect of the finalisation of the Greater Buchan Area development solution. The partners announced in July their decision to redeploy an FPSO.
Work is progressing at pace on front-end engineering and design activities, aiming for field development plan approval in 2024, JOG said.