LONDON (Reuters) – I3 Energy discovered about 200 million barrels of oil at the Serenity prospect in Britain’s 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 its Bleo Holm Repsol Sinopec (FPSO) floating production, storage and offloading vessel to exploit some 63 million barrels in its Liberator field at a rate of 20,000 barrels per day (bpd), it said.
Although the failed well undercut previous plans for the Liberator’s initial development targeting around 90 million barrels, i3 still expects the entire area to produce around 390 million barrels separately from the Serenity area.
I3 said it could fund the development of Serenity and future expansion of the Liberator project with cash flow from its initial production of the Liberator, but is also considering selling some of its 100% stake in the field.
RockRose owns half of the Tain field and expects a final investment decision on the field in the second half of next year.
Swiss asset manager Lombard Odier is i3’s largest shareholder at around 9%.
Reported by Shadia Nasralla; Edited by Jason Neely
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