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>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 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

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

Nigeria Oil & Gas Conference & Exhibition 2019

The annual meeting once again proved to be a great success, gathering over 700 industry professionals…

read more >

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Gas Indonesia Summit 2019

Gas Indonesia Summit & Exhibition is returning for the fourth edition in Jakarta…

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

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