Jersey Oil & Gas announced that it has completed the Greater Buchan Area (GBA) development solution.

The company along with NEO have determined that the redeployment of a Floating, Production, Storage and Offloading (FPSO) vessel as the preferred GBA development solution because it is the lowest cost and lowest full-cycle carbon footprint option.

It added in a statement that this solution allows the re-use of the existing infrastructure that can be located directly at the Buchan field and, with limited modifications, can make the FPSO “electrification-ready” upon its redeployment.

According to the company, the North Sea Transition Authority (NSTA) has completed its review of the selected development solution. 

It noted that the key commercial terms agreed for the potential acquisition of a high-quality FPSO, pending the negotiation and execution of fully termed agreements