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Xcite Energy Limited, Statoil Exploration Co & EnQuest Plc Strike North Sea Deal

oil rigOne of the most-read stories in investing this morning was the announcement that a subsidiary of Xcite Energy (LSE: XEL) has entered into a collaboration with Statoil and EnQuest (LSE: ENQ).

The deal will see Xcite Energy Resources — which is 100% owned by Xcite — share field-specific technical and operational information with Statoil, and vice versa, on the Kraken, Bentley and Bressay fields in the North Sea.

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The idea is that the shared information will help the companies better evaluate the potential of the infrastructure to import gas between the three oil fields. Additionally, a team comprising analysts from all three companies will collaborate to develop a number of proposals  to assess the benefits of installing a shared gas import pipeline.

Xcite CEO Rupert Cole commented:

 This new collaboration with Statoil and EnQuest to assess this shared infrastructure is an important initiative, which highlights the scope of potential opportunities available to our respective projects.

Today’s announcement further demonstrates that additional value can be created by companies collaborating in key development activities and it reinforces our commitment to “Maximising Economic Recovery” from the area immediately surrounding the Bentley field.”

Neither Xcite nor EnQuest currently pay a dividend, though it ought to be noted that the former has seen little fluctuation since falling from the heady heights of early 2010, while EnQuest’s share price history over the last five years has seen more peaks and troughs than the Himalayas…

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Sam Robson has no position in any shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

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