Oil and gas explorer Iona Energy said yesterday it was in discussions with potential partners to help develop its North Sea Orlando and Kells developments.
The firm, listed in Canada but focused on the North Sea, bought 65% interest in the Orlando field off Sorgenia E&P (UK) and MPX North Sea in a deal worth about £50million earlier this year.
It now wants to speed up the now 100%-owned development, following a review, bringing it ahead of its also 100%-owned Kells oil and gas development. The firm said: “The company has entered into discussions with potential partners to share in the development of the Orlando and Kells assets.”
Iona hopes to get approval to develop Orlando in the third quarter of this year. It estimated it would get 14,000 barrels of oil per day from the field. Approval for Kells is expected in the first quarter of next year.