Jersey Oil and Gas

What Jersey Oil and Gas does

Jersey Oil and Gas plc (AIM:JOG) is an upstream oil and gas development company focused on the Greater Buchan Area (GBA) in the UK North Sea. The company holds a 20% non-operated interest in the GBA alongside operator NEO Energy (50%) and Serica Energy (30%), through UK production licences P2498 (Buchan and J2, to 28 February 2027) and P2170 (Verbier, to 29 August 2026). The GBA is estimated to contain gross discovered oil and gas resources of over 100 MMboe, including the Buchan field (approximately 70 MMboe, the third-largest development in the UK North Sea, which historically produced 148 MMbbl over 36 years before cessation in 2017 with only around 29% of estimated oil in place recovered), the J2 oil discovery (approximately 20 MMboe across two reservoirs), and the Verbier discovery (combined with J2, over 40 MMboe).

The company's principal development project is the Buchan field redevelopment, centred on the redeployment of the Western Isles floating production, storage and offloading (FPSO) vessel — a 2017 new-build asset operational in the UK North Sea since 2017 that is being modified to be electrification-ready for potential connection to floating wind power developments. The development plan includes new subsea production gathering infrastructure tied back to the FPSO, comprising up to five gas-lifted production wells and two water injection wells, producing 33-39 API sweet crude. Beyond Buchan, the asset portfolio includes the J2 and Verbier feeder fields under a hub-and-spoke model, plus drill-ready exploration prospects Cortina NE and Verbier Deep with combined estimated mid-case prospective resources of over 70 MMboe.

JOG operates a capital-efficient development model built around farm-out transactions to bring in joint venture partners who fund development costs in exchange for equity interests. The 2023 transactions with NEO Energy and Serica Energy secured full expenditure carry for JOG's 20% interest in the approved Buchan development budget, with $18 million of $38 million in cash milestone payments received by the time of the source materials. Since inception in 2014, the company has raised only £43 million in total equity. JOG is pre-production and pre-revenue, with first oil targeted for late 2026 following FDP approval scheduled for H2 2024. The company maintains a small executive team with offices in St Helier (Jersey, registered office), Aberdeen and London, and pursues a low-carbon development pathway aligned with UK energy transition strategy.

Name

Jersey Oil and Gas

Legal name

Jersey Oil and Gas plc

Website

https://jerseyoilandgas.com

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

1–10 employees

Short description

Jersey Oil and Gas is an AIM-listed oil and gas developer focused on the Greater Buchan Area in the UK North Sea. The company holds a 20% non-operated joint venture interest with NEO Energy and Serica Energy, targeting first oil in late 2026.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Exploration & Production

NAICS

Oil and Gas Extraction (2111), Crude Petroleum Extraction (21112), Natural Gas Extraction (21113)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Field Development Planning & Subsurface Reservoir Engineering (EUALAAAC)

akta.pro secondary industry

Offshore E&P (Shallow/Deepwater, Subsea Production Systems) (EUALAAAI)

Keywords

• Upstream oil and gas
• North Sea exploration
• Hydrocarbon development
• FPSO redeployment
• Offshore E&P

Headquarters

HQ city

St. Helier

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Oil and Gas Production: Revenue generated from the sale of crude oil and natural gas produced from the Greater Buchan Area assets. The Buchan field produces 33-39 API sweet crude oil with estimated gross discovered resources of over 100 MMboe. Oil is offloaded from the FPSO via shuttle tanker and excess gas exported via new gas export pipeline.
2. Joint Venture Farm-Out Payments: JOG receives milestone payments and funding from joint venture partners (NEO Energy 50%, Serica Energy 30%) through farm-out transactions. $18 million of $38 million cash payments from the two GBA farm-outs have been received, with full expenditure carry for JOG's 20% interest in the approved Buchan development budget.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Jersey Oil and Gas is an AIM-listed upstream oil and gas exploration and development company focused on the UK North Sea. The company holds a 20% non-operated interest in the Greater Buchan Area (GBA), a joint venture with NEO Energy (50%, operator) and Serica Energy (30%), comprising the Buchan field redevelopment, the J2 and Verbier discoveries, and exploration prospects containing gross discovered resources of over 100 MMboe. First production from the Buchan redevelopment is targeted for late 2026, utilising the redeployed Western Isles FPSO as the central processing facility.

Product overview

Jersey Oil and Gas is an oil and gas exploration and development company focused on the UK North Sea. The company's core product portfolio centres on the Greater Buchan Area (GBA), which includes the Buchan field redevelopment as the principal development project, J2 and Verbier as FPSO feeder fields, and Cortina NE and Verbier Deep as drill-ready exploration prospects. The company holds a 20% non-operated interest in the GBA through a joint venture with NEO Energy (50%, operator) and Serica Energy (30%). The GBA is estimated to contain gross discovered resources of over 100 MMboe, with the Buchan redevelopment based on redeployment of the Western Isles FPSO.

Differentiator

Problem solved

Functional benefit

Products and services

• Greater Buchan Area (GBA) Core strategic asset area comprising two UK North Sea licences (P2498 and P2170) containing the Buchan redevelopment project, J2 and Verbier oil discoveries, and exploration prospects with gross discovered resources of over 100 MMboe.
• Buchan Field Redevelopment Redevelopment of the historical Buchan field involving new subsea production infrastructure tied back to the redeployed Western Isles FPSO, including up to five gas-lifted production wells and two water injection wells, targeting approximately 70 MMboe of gross discovered resources with first oil targeted for late 2026.
• J2 Oil Discovery

Quantifiable outcome

• Target first production from Buchan field: late 2026
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• NEO EnergycoreStrategic or Co-development Partner · 1 January 2023NEO Energy holds 50% interest and operates the Greater Buchan Area. As part of the 2023 farm-out transactions, NEO Energy became the operator providing full expenditure carry for JOG's 20% interest in the approved Buchan development budget. NEO Energy is the fifth largest producer in the UK North Sea.
• Serica EnergycoreStrategic or Co-development Partner · 1 January 2023Serica Energy holds 30% interest in the Greater Buchan Area as a joint venture partner. As part of the 2023 farm-out transactions, Serica Energy contributes to the funding of JOG's 20% interest in the approved Buchan development budget. Serica Energy is the ninth largest producer in the UK North Sea.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• TotalEnergies SE: French supermajor with significant UK North Sea upstream operations and previous employer of multiple JOG executives (CCO Richard Smith spent 8 years there). Broad incumbent comparable for UKCS operating economics and ESG positioning.
• Equinor ASA: Norwegian major and former JOG partner on the Verbier licence. Largest UK North Sea producer (Mariner, Rosebank, Statfjord) and a broad incumbent for comparison on UKCS project economics, FPSO operations, and energy transition positioning.
• BP p.l.c. Global supermajor with material UK North Sea production (formerly via BP Exploration operating company where several JOG alumni worked). Broad incumbent relevant for benchmarking FPSO redeployment, decommissioning, and North Sea energy transition strategy.

Direct peers

• Serica Energy plc: AIM-listed UK North Sea focused E&P company that is both JOG's joint venture partner (30% GBA) and a direct comparable in scale and asset focus. Operates the Bruce, Keith, Rhum, and Triton hubs, giving a strong reference point for AIM small-cap North Sea operator economics.
• Harbour Energy plc: LSE-listed UK and Norway focused independent E&P, formed from the Premier Oil/Chrysaor merger. Direct comparable as a leading UK North Sea operator with multiple hub developments and similar focus on late-life field redevelopment and tie-backs.
• NEO Energy: Privately-held UK North Sea operator and 50% GBA partner/operator. Fifth largest UK North Sea producer and the most directly comparable peer in terms of asset focus, redevelopment strategy, and operating footprint.
• Capricorn Energy plc: LSE-listed E&P that divested most producing assets and has been pursuing new ventures. Comparable as a small-to-mid cap independent with UK North Sea exposure (former Cairn Energy heritage) and redevelopment-focused strategy.
• EnQuest plc: LSE-listed UK North Sea focused E&P operator producing from the Magnus, Kraken, and PM8 assets. Direct comparable as a mid-cap UKCS producer with similar hub-and-field redevelopment strategy and North Sea infrastructure reuse.
• Parkmead Group plc: AIM-listed UK North Sea focused E&P with smaller scale and similar asset mix (North Sea redevelopment and exploration). Comparable as a small-cap AIM E&P pursuing UKCS development opportunities with limited operating capacity.
• ONE-Dyas BV: Privately-held European E&P operator active in the UK and Netherlands sectors of the North Sea. Comparable as a mid-sized independent focused on late-life asset redevelopment and incremental tie-back projects in mature North Sea acreage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/jerseyoilandgas
• YouTubeyoutube.com/@jerseyoilandgas
• LinkedInlinkedin.com/company/jersey-oil-and-gas-plc

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Jersey Oil and Gas