October 29, 2019 / 1:00 PM / 2 months ago

I3 Energy makes 200 million barrel UK North Sea oil discovery

LONDON (Reuters) - I3 Energy discovered around 200 million barrels of oil in its Serenity prospect in the British North Sea and plans to coordinate its development with Repsol Sinopec Resources UK, which operates the neighboring Tain field, i3 said on Tuesday.

I3 is already in talks to use the Repsol Sinopec’s Bleo Holm floating production, storage and offloading vessel (FPSO) to exploit around 63 million barrels in its Liberator field at a rate of 20,000 barrels per day (bpd), it said.

Although an unsuccessful well shrunk a previous plan for that initial development of Liberator targeting around 90 million barrels, i3 still expects the whole area could yield around 390 million barrels separately from the Serenity area.

I3 said it can fund development of Serenity and any future enlargement of the Liberator projects with cashflow from its initial production at Liberator, but it is also considering selling part of its 100% stakes in the fields.

RockRose owns half of the Tain field and expects a final investment decision for the field in the second half of next year.

Swiss asset manager Lombard Odier is i3’s biggest shareholder at about 9%.

Reporting by Shadia Nasralla; editing by Jason Neely

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