I3 Energy makes 200 mln barrel UK North Sea oil discovery

(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 neighbouring 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 the development of Serenity and any future enlargement of the Liberator projects with cash flow 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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