Enegi plans to focus on ‘marginal’ oil reserves

MANCHESTER-based oil exploration firm Enegi Oil may sell its interests in Canadian oil fields to focus on “marginal fields” in the North Sea.

These are pockets of oil which are known about but which have not been exploited yet because they are difficult to get to.

Since last year Enegi has been working in a joint venture with Aberdeen-based ABT to exploit these marginal fields. It is also considering buying out ABT which has devised a way of using unmanned buoys to access offshore reserves to depths of 600ft.

In a stock market statement Enegi’s chairman Alan Minty said marginal fields offered a “huge opportunity” which would also allow the company to differentiate from others in the oil and gas sector.

But he conceded the firm would miss an August 31 deadline to submit a development plan for the Fyne Field in the North Sea to the Department of the Environment and Climate Change.

Mr Minty said: “It is clear to us that the future of Enegi should be directed towards the development of these low risk, high value, marginal fields and the board intends to take actions to make the company’s direction easily communicable and investable.”