i3 Energy, an independent oil and gas company, continues to progress the necessary documentation with the UK’s Oil & Gas Authority (OGA) to achieve Field Development Plan (FDP) approval in early 2019 for the Liberator development off the UK.
Located in the North Sea, the Liberator development is 100% owned and operated by i3 Energy.
i3 said on Thursday it expects to enter the final authorization phase of the OGA’s FDP planning and consent process in 1Q 2019 and continues to position itself for mid-2019 development execution with Liberator Phase I first oil anticipated in mid-2020.
John Woods, i3’s COO, commented: “We are pleased by the progress being made towards Liberator Phase I field development approval and are appreciative of the ongoing support and guidance of the OGA.”
It is worth reminding that i3 Energy in October rescheduled the Liberator site survey for the earliest good weather window in 2019 as the vessel was not made available before October 15 as agreed. The rescheduling was done since the company was unwilling to face the potential for unnecessary cost overruns due to weather-related downtime.
Marine survey company Gardline Limited was hired in late August to conduct this site survey.
i3 Energy previously emphasized that this rescheduling would not affect the timing of the FDP approval, the Liberator development, or the expected first oil date.
In related news, i3 said earlier in December that its recently acquired Serenity prospect could boost its North Sea reserves to about 500 million barrels. The prospect is located in the northern part of its Licence P.2358 Block 13/23c in the North Sea.
“Serenity provides i3 with exposure to low cost and potentially high return upside that could be tied into either its Liberator Phase I or incremental Phase II infrastructure,” i3 said.
Offshore Energy Today Staff