The North Sea Transition Authority (NSTA) has extended the Second Term of the P2170 "Verbier" license held by Jersey Oil & Gas, an independent upstream oil and gas company focused on the UK Continental Shelf region of the North Sea. The extension runs about six months, to 28 February 2027, the AIM-listed company said.
The new deadline lines up Verbier's timeline with Jersey Oil & Gas's neighboring P2498 "Buchan Horst" license. Together the two licenses make up what the company calls the Greater Buchan Area (GBA). A license's Second Term is the window in which the holder must win approval for a field development plan (FDP) before moving into the Third Term, which covers development and production for the life of a field.
Matching the two Second Terms reflects the NSTA's push for a single, integrated area plan across the GBA, which the joint venture partners have always treated as a phased project led by developing the Buchan field first. Later this year, Jersey Oil & Gas plans to ask the NSTA to extend the Buchan license's Second Term too, in a request that will fold in a full development schedule and a further extension for Verbier.
Development plan still taking shape
The extension follows delays to Buchan's development, which Jersey Oil & Gas has tied to uncertainty created by successive UK governments. The company's draft FDP called for redeploying the Western Isles floating production, storage and offloading (FPSO) vessel, but it now says other production options need fresh screening given how much time has passed. The NSTA wants the joint venture to also weigh connecting nearby volumes from other resource owners into a Buchan-based production hub. That work will run into 2027, and the partners are putting together a budget and work plan for next year to support it.
"We are pleased to receive a licence extension on our existing Verbier licence," said Andrew Benitz, CEO of Jersey Oil & Gas. Benitz said the extension aligns the timing of the company's two GBA licenses while it keeps working on the right development approach for the area. He repeated the company's call for the government to end the Energy Profits Levy, which he said has led to a significant slowdown in investment activity. Benitz said hydrocarbons account for roughly 75% of total UK energy use and that homegrown production should be prioritized over imports. He said early signs since recent UK cabinet changes point to possible government support for the domestic industry.
