BHGE accepts conditions for North Sea Liberator well campaign
LONDON – i3 Energy has contracted Baker Hughes, a GE company (BHGE) to support this summer’s drilling program on the Liberator and Serenity prospects in the UK central North Sea, and next year’s Phase I development of Liberator.
BHGE’s scope will include directional drilling, drilling fluids, mudlogging, formation evaluation operations, and wellheads.
The company has agreed to a condition under which £3 million ($3.77 million) of oilfield service and oilfield equipment payments will be paid until i3 has received its first sales revenues from Liberator Phase I.
Majid Shafiq, CEO of i3 Energy, said: “This transaction will enable us to maximize the allocation of capital resources and contingency towards our 2019 drilling activities…”