LONDON – Ithaca Energy has discovered oil with its exploration well on the Fotla prospect in the UK central North Sea.
Wood Mackenzie, a Verisk company, assesses the resources at 21 MMboe, which could be sufficient for a tie-in to the Ithaca-operated Alba field infrastructure.
This follows a year in which the number of completed exploratory wells in UK waters is likely to be the lowest since the 1960s.
Yet, as research analyst Lucy King points out, the success at Fotla continues a steady recent revival in UK offshore exploration performance, with average discoveries of over 20 MMboe since 2020, in line with the current global norm.
“Success rates have improved too. The average economically viable and commercial success rate for the UK since 2020 sits at over 40%, comfortably above the global average over the same period,” King said.
Ithaca also partnered with TotalEnergies in last year’s Isabella discovery in the same region.
“More opportunities for success are on the horizon,” King added, “with interests in the Harbour-Energy operated Jade South exploration well currently drilling, and its operated Fortriu well – on the same block as Fotla – due to spud next year.”