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Wood Mackenzie comments on Ithaca's Fotla oil discovery

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Oilfield Technology,

Ithaca Energy’s oil discovery at Fotla is a ray of light in what’s been a tough year for UK exploration activity, with 2021 on track for the fewest number of completed wells since the 1960s.

Lucy King, a research analyst with Wood Mackenzie’s North Sea upstream team, said: “Despite the drop in activity, success at Fotla continues a recent renaissance in UK exploration performance. Discovered resource per well has grown steadily in recent years, reaching over 20 million barrels of oil equivalent (boe) since 2020, which is in line with global averages.

“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 added that, based on resources of 21 million boe and its proximity to the nearby Alba infrastructure, Wood Mackenzie assumes the discovery could be an ideal candidate for a short-cycle, high-return tie-back to the Ithaca-operated facilities.

This is Ithaca’s second discovery since the start of 2020, with success as a partner in the TotalEnergies-operated Isabella discovery last year.

King said: “More opportunities for success are on the horizon, 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.”

Read the latest issue of Oilfield Technology in full for free: Issue 3 2021

Oilfield Technology’s third issue of 2021 starts with a report from Wood Mackenzie focusing on the upstream industry’s fortunes in Asia-Pacific. The rest of the issue is dedicated to features covering offshore engineering, coiled tubing, frac technology, completion technologies, water management, well placement and much more.

Exclusive contributions come from Wild Well Control, Cudd Pressure Control, TMK, NOV, Archer, Tendeka, TETRA Technologies and more.

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