Stella field to ‘more than double’ Ithaca’s production. Start-up imminent

UK North Sea operator Ithaca Energy is gearing up to start production from its Stella offshore field. 

Presenting its quarterly results on Monday, the company said its production for the first nine months of the year was 9,585 barrels of oil equivalent per day, better than the 9.000 boepd it had expected to achieve. Production was boosted by the performance from the Cook field.

Looking at the third quarter only, production dropped to 10.000 kboe/d, from almost 12.000 kboe/d in third quarter 2015.

However, in two weeks or so, Ithaca says it will make a material step-change in the business with the start-up of the Stella oil field.

According to Ithaca, the company’s production is set to more than double to 20-25,000 boepd, with start-up of production from the Stella field. Unit operating costs will reduce to under $20/boe from the current $23/boe.

Prior to the production start-up, expected ‘around the end’ of November 2016, Ithaca needs to complete the offshore commissioning and preparation for start-up.

The offshore commissioning program for the FPF-1 production unit is on-going, involving preparation of the topsides processing and utility systems for the introduction of hydrocarbons.

This work, Ithaca said, is well advanced, with the operations team focused on completing the required inspections and associated readiness activities required to enable a safe and efficient start-up of the wells.

As for the financial results, Ithaca reported a third-quarter loss of $70.7 million, versus a profit of $42.8 million a year ago. Revenue fell to $57.1 million, from $81.9 million in the third quarter of 2015.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply