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.”
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